Bitsonar, the Crypto Firm had Signs of a Deliberate Fraud, Former Employee Claims

September 8, 2020


The ex-project manager at now-dead crypto finance firm Bitsonar, Yaroslav Shtadchenko, has formally blamed his former employer of fraud. As earlier reported, Bitsonar is an investment company that managed to collect up to $2.5M dollars in cryptocurrency from investors globally and went bust this summer. Investors from the U.K., U.S., Ukraine, Canada, and other countries cannot access their funds after Bitsonar froze the withdrawals in February and the site went offline in August. 

Shtadchenko left the organization and freely blamed its author for leading a leave trick. Presently he is asking the U.S. law authorization to make a move against Alexander Tovstenko, Bitsonar’s organizer, and previous agent at the Ukrainian government. Shtadchenko said he documented his notification of criminal offense with the FBI through the U.S. Consulate in Kyiv, where he is based. As per the notification, Shtadchenko was recruited by Tovstenko in mid-2018 to give counseling administrations on showcasing methodology and site improvement. 

In his notification, Shtadchenko blamed Tovstenko for six criminal offenses, including bank extortion, protection misrepresentation, and significant misrepresentation against the United States. In July, Shtadchenko gave a meeting to the Russian-language crypto distribution Forklog under the pen name Novak, blaming Tovstenko for exit defrauding. He likewise distributed his allegations against Tovstenko on Bitsonar’s old site, giving Tovstenko’s contact data and records in informal communities.

On August 27, Shtadchenko was missing in Kyiv but came back 4 days, saying that an apparent kidnapping was a special operation by Ukrainian law enforcement. On the same day, the security service of Ukraine declared that it avoided the contract killing of an IT businessman working for a cryptocurrency firm and arrested his partner, who put a bounty of $5,000 on his head. The SSU still has not told the name of either the alleged crime partner or the victim.

Image Courtesy : Pixabay

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