former $BTC-e operator Alexander Vinnik has advised users of the infamous cryptocurrency exchange and its successor WEX to seek the return of their funds to US authorities.
Assets from both trading platforms were seized by the United States, according to a Russian crypto entrepreneur who returned home under a prisoner exchange agreement with Washington.
$BTC-e’s Vinnik forwards customer financial claims to the US
Alexander Vinnik, once the co-founder of the largest cryptocurrency exchange in the Russian-speaking cryptocurrency space, $BTC-e recommended that customers of the now defunct platform address requests for the return of missing funds to the United States.
The Russian programmer-turned-cryptocurrency businessman admitted that he has received many questions regarding the collapse of the exchange and the loss of customers’ funds.
“We understand that these are important and sensitive issues,” Vinik wrote in a Telegram post on Wednesday, suggesting he clarify important aspects of the current situation.
He then explained: $BTC-e noted that when it shuts down, a cryptocurrency exchange called WEX will take over and user balances will be transferred to the new platform and continue to operate.
Quoting Russian crypto news outlet Bits.media, Vinnik responded to what appeared to be a general inquiry by emphasizing:
“The funds are not personal property. All assets were seized by U.S. authorities as part of a criminal case.”
Discussing the possibility of refunds, he pointed to ongoing litigation involving the U.S. government and suggested legal action should be taken.
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The lawsuit was filed in the U.S. District Court for the District of Columbia on June 30, 2025, and concerns “all virtual currency held in the United States.” $BTC-Operational Wallet” and other assets as of July 25, 2017.
$BTC-e never-ending story
at that time, $BTC-e was the most popular digital asset exchange with Russian-speaking crypto traders. The company ceased operations in 2017 following US allegations that it was involved in handling up to $9 billion in illicit funds, including coins stolen in the hack of Mt. Gox, another notorious Bitcoin exchange.
$BTC-e co-founder Alexander Vinnik was arrested in Thessaloniki, Greece, while on vacation with his family that summer.
The United States and the Russian Federation sought his extradition, but Greece decided to extradite him first to France, where he was sentenced to five years in prison at the end of 2020.
He was ultimately taken into U.S. custody in 2022 and pleaded guilty to money laundering charges in 2024.
In February 2025, Vinik was released by President Donald Trump’s administration under a prisoner exchange agreement with Moscow.
The latter also secured the freedom of Mark Vogel, an American schoolteacher who was arrested and convicted in Russia for drug trafficking.
Commenters take issue with Vinik’s advice.
DC lawsuit regarding $BTC-e Fund opens a new chapter in the long saga of crypto exchange failures.
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In the fall of 2025, Russian media revealed that the U.S. Department of Justice (DOJ) was attempting to seize the stored assets. $BTC-e Wallet in case of collapse. Refers to the same filing.
Russian investigative journalist Andrei Zakharov contributed his two cents to Mr. Vinnik’s post, disputing his claim that all of the exchange’s funds are held by the U.S. government.
He reminded me of another co-founder, Alexei Vilyuchenko. $BTC-e, and WEX, which went offline in 2018, had previously testified in Russia that the remaining balances were under his control.
Later, someone else emphasized that WEX was not actually shut down due to direct US intervention, but after it stopped withdrawals.
As quoted by Bits.media, an anonymous commenter using the handle “Herry” noted that “the collapse looked like an internal management conflict.”
In October, the now-blocked Telegram channel VChK-OGPU, suspected of having ties to Russian security forces, lost 6,500 people. $BTC It had been transferred from a wallet related to Vilyuchenko.
