
Alexander Vinnik, former head of the BTC-e cryptocurrency exchange, will be released from US custody in a prisoner swap with Russia.
The exchange, facilitated by the former President, involves Vinnik and American teacher Marc Fogel, who was detained in Russia.
Vinnik's BTC-e exchange processed billions in transactions and was accused of facilitating money laundering.
Alexander Vinnik, the former operator of the once-dominant BTC-e cryptocurrency exchange, is set to be released from U.S. custody in a prisoner swap with Russia.
His name has long been tied to one of the biggest crypto scandals, with billions of dollars in transactions and allegations of money laundering. Now, after years of legal battles across multiple countries, Vinnik is finally heading back to Russia.
Here’s everything you need to know.
Understanding Trump’s Role
According to the New York Times, former President Donald Trump
Donald Trump
Donald J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.
Quick Facts
Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician
Once doubtful about Bitcoindominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.
Donald Trump - Career Highlights & Events
2016 – Elected as the 45th President of the United States from the Republican Party. 2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments 2019 – Criticized Bitcoin and Libra on X, dubbing them as "not money" 2024 – Campaign signals potential openness to crypto-friendly reforms 2025 – Elected as the 47th President of the United States from the Republican Party.
A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.
President arranged the swap, exchanging Russian prisoner Alexander Vinnik for American teacher Marc Fogel. Vinnik was arrested in Greece in 2017 and later extradited to the U.S. and France to face fraud and money laundering charges. Before his arrest, he operated BTC-e, a crypto exchange that handled over $9 billion in transactions.
BTC-eโs Role
BTC-e was one of the first platforms to popularize Bitcoin trading, serving over 1 million customers between 2011 and 2017. However, U.S. prosecutors accused Vinnik of failing to register it as a money services business, despite having American customers. They alleged that BTC-e was used for laundering illegal funds, helping drug dealers, cybercriminals, and other illicit activities.
Authorities estimated that the exchange was linked to $121 million in criminal transactions.
Vinnikโs Legal Troubles Come Back to Haunt
In 2020, a French court convicted Vinnik of money laundering and sentenced him to five years in prison. In May 2024, he pleaded guilty in a San Francisco federal court to conspiracy to commit money laundering. The U.S. Department of Justice (DOJ) highlighted his case as part of its global efforts to combat cybercrime.
Meanwhile, Marc Fogel had been detained in Russia for three and a half years on marijuana-related charges. His release is considered a significant diplomatic development.
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Marc Fogel Meets Trump at White House, Calls Him a Hero
Trumpโs Middle East envoy, Steve Witkoff, received a call confirming Fogelโs release and was directed by Trump to bring him back to the U.S. Witkoff credited Saudi Arabia for helping finalize the deal and emphasized that it would not have happened without Trumpโs intervention.
On Tuesday night, Trump welcomed Fogel to the White House and gave him a tour of the Lincoln Bedroom. Expressing his gratitude, Fogel said
โI want you to know that I am not a hero in this at all. And President Trump is a hero,โ
Trump hinted that another American prisoner could be released as soon as Wednesday but did not reveal their identity. If confirmed, this could mark another major diplomatic exchange between the U.S. and Russia.
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