Open Questions to WhiteBIT Regarding the Theft and Laundering of Over USD 2.7 Billion

20.01.2025

Four Dragons is issuing this press release to publicly address key questions that we (as well as law enforcement agencies from various countries) have repeatedly directed to the crypto exchange WhiteBIT. Unfortunately, we have not received any substantive answers, and the criminal investigations related to stolen and “laundered” crypto assets through WhiteBIT are encountering serious obstruction.

1. Criminal Cases and the International Context

The following individuals have been named in several of these proceedings:
Vladimir Vladimirovich Nosov (born July 18, 1989)Yegor Vasilyevich Levchenko (Burkin) (born October 24, 1989)Alexey Nikolaevich Kovalev (born June 21, 1988)Sergey Alexandrovich Gutsu (born April 1, 1993)Nikolay Alexandrovich Udyansky (born May 22, 1983)
They have been placed on the international wanted list (Red Notice by Interpol), with immediate arrest warrant numbers A-15035/12-2024, A-15036/12-2024, A-15033/12-2024, A-15032/12-2024. Based to Chainalysis, Merkle Science, and Scorechain data, WhiteBIT may have laundered significant volumes of funds and continues this practice to this day.

2. Why Was the Main Portion of the Stolen Funds Not Frozen?

1. Based on Chainalysis data and statements by victims, the suspicious transactions involving stolen crypto assets that ended up on WhiteBIT clearly showed signs of “smurfing” (splitting transactions) and lacked any economic justification.
2. The exchange was promptly notified (via official and unofficial channels, including direct notice to the nominal owner, Mr. Nosov). The notifications of the theft were received 2 hours before the final withdrawal of the funds.

Timeline of events:

1. A message about the theft was posted in the “Черный список” (“Blacklist”) chat (https://t.me/bb_list) on 22.02.2024 at 8:56 (UTC).

Note on the screenshot: the time shown corresponds to the UTC+1 time zone.

2. Representatives of WhiteBIT were found in the “Черный список” chat at 9:08 UTC.

However, WhiteBIT only froze the smallest remaining portion (46,450 USDT), while more than 700,000 USDT (the main amount) still went through without full KYC/AML/CTF checks. These transactions took place precisely during those two hours after the confirmed notification.

3. Why Did Information on the “Six Exchange Services” Emerge Only Seven Months Later?

1. Only seven months after the investigation began did WhiteBIT report the existence of some “six” third-party exchangers (ImExchanger, Exchange Team, E-Scrooge, Crystal-Trade, 24BestEx, 001k.Exchange) through which the stolen assets were allegedly transferred.
2. The exchange refused to provide information about the beneficiaries of these services, thereby depriving the victims of the opportunity to file civil lawsuits and hindering the investigation’s efforts to question the AML/KYC officers responsible.

4. Multiple Death Threats and Threats of Sexual Violence

1. Direct threats have been recorded against the victims (Four Dragons) and investigation representatives: “we are part of an OPS, we work for the Khimprom organized crime group, leave Nosov and 001k alone or we will kill you,” etc.
2. In Austria (case № PAD/24/01403684-KRIM) and the UAE (case № 224004074668), criminal cases have been initiated regarding these threats. However, due to the inaction of Telegram Group Inc., investigators have not yet been able to identify all those making the threats.

5. Test Purchase Confirms a Single Wallet Linked to WhiteBIT

1. At the request of law enforcement, Four Dragons (with the involvement of experts and analytical tools) conducted a “test purchase” in the six aforementioned exchangers. All of them use a single crypto wallet technically managed by WhiteBIT.
2. Additionally, in communications recovered with the assistance of Interpol KR and specialized experts (using Cellebrite technologies), a connection was found between the defendants and 001k.Exchange and WhiteBIT: an hour before the theft, criminals coordinated the wallet addresses where the stolen funds were later “laundered.”

6. “Barcelona” and the Risks of Partnering with Questionable Crypto Exchanges

1. In February 2023, the “Barcelona” scandal emerged involving the former vice president of the refereeing committee, Negreira (a 7 million euro scandal). In May 2024, some of the charges were dropped, but the investigation continues.
2. Analogy: Sports organizations (such as “Barcelona”) can face enormous reputational risks if they partner with crypto sponsors subject to criminal money laundering charges, especially investigations involving bribes to referees.

7. Why Hasn’t There Been a Defamation Lawsuit, but New Threats Are Appearing?

1. We openly accuse WhiteBIT of complicity in laundering stolen funds, naming specific individuals and schemes.
2. If WhiteBIT believes these accusations to be “absolutely groundless,” it would be logical for them to file a lawsuit to protect their business reputation. Instead, there are new threats directed at Four Dragons.

Conclusion: What Do We Expect from WhiteBIT?

1. Provide legal documents (licenses, regulator permits) and disclose the beneficiaries of the “six” mentioned exchangers (ImExchanger, Exchange Team, E-Scrooge, Crystal-Trade, 24BestEx, 001k.Exchange).
2. Explain the failure to comply with AML/KYC during a series of transactions (over 700,000 USDT) that took place within two hours after the confirmed notification of theft, despite obvious signs of “smurfing.”
3. Publicly acknowledge or deny any connection with individuals issuing threats of violence and claiming that they are acting “in WhiteBIT’s interests.”

Four Dragons’ Appeal to the Public and the Media

1. We urge WhiteBIT to respond substantively, ceasing all “manipulations” and “threats.”
2. We ask the media to focus on the actual facts of the transactions and reports (Chainalysis, Merkle Science, Scorechain) rather than narratives about “contracted attacks.”
3. We remind everyone that there are concurrent investigations in Kyrgyzstan (№03-050-2024-000109, etc.), Uzbekistan, Austria (№ PAD/24/01403684-KRIM), and the UAE (№224004074668). Any disregard of these issues will only worsen WhiteBIT’s reputational risks.
Four Dragons intends to seek the legal return of stolen funds and hold all those involved in their laundering accountable, in cooperation with law enforcement in the Kyrgyz Republic and abroad. The crypto market deserves transparency, not intimidation and behind-the-scenes deals.

Four Dragons Contact Information

Email: moc.snogard-4%40hcivorodrom.notna
Phone: +996 551 807 066
Additional details:
Kaktus.media: “Crypto exchange WhiteBIT accused of laundering USD 2.7 billion in ‘dirty’ money
https://forklog.com/news/arestovany-dvoe-podozrevaemyh-po-delu-o-vzlome-bitkoin-birzhi-four-dragons
https://coinscreed.com/crypto-exchange-four-dragons-reportedly-suffers-100m-hack.html
(This press release may be reposted provided that a link to the original source is included. We are open to comments and can provide additional evidence. Attached to this release are document images obtained from open sources, including materials from the criminal case currently in court.)