Bit Coin Bust!

Greece detains Russian Alexander Vinnik for bitcoin 'fraud.'
A Russian arrested in Greece on suspicion of running a money laundering operation through a bitcoin platform is 38 year old Alexander Vinnik, police sources said on Wednesday.

Greek police earlier said the suspect, who was picked up on a U.S. warrant, was thought to have used bitcoin to launder 'at least' $4 billion earned through illicit activities.

Unlike traditional currencies such as the US dollar, Bitcoin has no central bank and is not backed by any government.

This story is still developing. 

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