Vasily Zhabykin – SUEX, Fraud & Money Laundering

In 2021, the US Treasury Department imposed multiple sanctions on SUEX, a crypto exchange founded by Vasily Zhabykin. 

The department’s press release said they sanctioned the company as part of their effort to counter ransomware.

Also, they said Vasily Zhabykin’s company had facilitated transactions in a minimum of eight ransomware attacks. The department also claimed that SUEX’s 40% transactions were connected to “illicit actors”. 

Vasily Zhabykin had given an interview to the New York Times a while ago. There, he claimed that SUEX, registered in the Czech Republic, is his firm. 

(Source)

At the time, the company claimed to be a small one with only three staff members. 

In the interview Vasily denied the firm’s participation in any illegal activity. 

Moreover, he told NYT that his firm has only processed a few transactions since 2019. 

The sanctions prohibit Vasily Zhabykin’s SUEX and any other company owned by them from accessing property interests falling under the US jurisdiction. 

Also, banks and other “people” that engage in specific “transactions or activities” with SUEX might face similar sanctions. 

The press release added that while the US government views most cryptocurrency activity as legal, some exchanges exploit them for ransomware attacks. It noted that SEUX facilitates illicit activities for its own gains. 

More on Vasily Zhabykin and His Company’s Shady Connections:

Vasily Zhabykin’s problems didn’t stop after the sanctions. Instead, they began piling up further. 

Vasily Zhabykin

The SUEX founder lost his managerial position at MTS Bank where he was teh head of their Neo bank project. Sources revealed that the cause of his dismissal was the US sanctions for alleged money laundering operations of SUEX.

Before this, one of SUEX’s co-owners, Egor Petukhovsky, made an announcement about leaving Chatex, a company related to SUEX. Chatex is a crypto exchange post. 

Egor claimed that none of the companies connected to SUEX were participating in any illegal activities. 

He said he will firmly defend his name in US courts. 

Apart from Vasily Zhabykin and Egor Petukhovsky, other notable people at SUEX include Maxim Subbotin, Ildar Zakirov and Maxim Kurbabgaleev. 

Another person related to this company is Tibor Bokor, a Czech venture capitalist. 

Vasily Zhabykin’s company is registered in the Czech Republic as SUEX OTC s.r.o. However, it reportedly has offices in Russia including branch offices in St. Petersburg and Moscow.

Vasily Zhabykin’s Company Has Received Allegations of Facilitating the Drug Trade

Stopnarkotik is a prominent movement in Russia against illegal drugs and its business. It has urged the Ministry of Interior and the Central Bank of Russia to take strict action against SUEX. 

Furthermore, the organization has provided the authorities with information about their alleged connections with Exmo and Qiwi. 

Exmo is a major crypto exchange in Eastern Europe while Qiwi is one of the biggest payment processors in Russia.

Apparently, the organization investigated Vasily Zhabykin’s firm. They allegedly found the company was involved in money laundering and was helping Hydra, a drug trading platform. 

Hydra has an estimated annual turnover of $1.5 billion in Russia alone. It is a darknet market and operates illegally. 

Kommersant revealed that Stopnarkotik has asked Bank of Russia to look into Qiwi, Exmo as well as Vasily Zhabykin’s SUEX. 

Vasily Zhabykin

It wants the authorities to block payments from Russian residents to the Ukrainian bank. Also, it wants the Ministry of Internal Affairs to verify all related facts and hold the culprits accountable. 

Exmo claims it is not involved in the activities of SUEX. They have also emphasized that Egor Petukhovsky is not a co-founder of Exmo and was never a part of their leadership. 

Furthermore, Exmo has claimed the company’s founder has no family ties with Egor either. Exmo’s founder is Ivan Petukhovsky. 

A spokesperson for Exmo told the media that although SUEX had made a few transactions on their platform initially, nothing illegal has occurred. 

Similarly, Qiwi has also claimed it has no connections with SUEX. The payment provider said it follows all Russian laws and wouldn’t carry out any illegal activities. 

Using Illegal Tactics To Bury Critical News

It seems to me that Vasily Zhabykin doesn’t want others to find out about his firm’s alleged involvement in money laundering and drugs. 

So, his marketing team is using illegal censoring tactics to bury any news articles mentioning the events. 

According to Lumen Database, there are numerous DMCA complaints against news articles mentioning Vasily Zhabykin and his firm’s alleged money laundering operations.

Vasily Zhabykin
A snippet of their fake DMCA posts

Apparently, notable publications including crypto news websites and Russian news websites have copied their articles from a new and unknown website called “World-news.uk”. 

Someone representing Vasily is copying articles mentionoing SUEX’s alleged illegal operations and pasting them on world-news.uk. Then, they are changing the publication date of the copied article to make it look original. 

Vasily Zhabykin
The website Vasily’s marketers are using to post fake DMCAs.

Afterwards, they contact Google and claim that the article they copied is actually unoriginal and it copied its content from world-news.uk.

Clearly, these are fake DMCA notices. It’s illegal and unethical. 

Obviously, someone representing Vasily Zhabykin doesn’t hesitate to break the law and is stealing content from multiple publications to hide the facts. 

The website they use only has 3-4 articles on it. They primarily use it to post fake DMCAs and take down articles from the internet.

This is a pretty common tactic among online scammers and criminals. HULT Private Capital is a finance firm which has used this tactic to hide any consumer complaints available online. 

Similarly, Stephen Dent Greenwich is a man who used this tactic to hide news articles talking about the time he had hired prostitutes from a sugar daddy website. 

Vasily Zhabykin’s marketing team might post a fake DMCA on this article to take it down as well. If they do, I’ll rebut the article with Google and post an update here. 

Conclusion

Judging from the available facts, it’s obvious that Vasily Zhabykin has received allegations of fraud and perjury. 

The US Treasury Department sanctioned his firm for facilitating money laundering and using ransomware. Similarly, Stopnarkotiks has complained about him for facilitating the illegal drug trade. 

On top of that, his marketing team is using fake DMCAs to hide the necessary facts from consumers. 

Beware of Vasily Zhabykin.

2.6Expert Score
Suspicious

Vasily Zhabykin is the founder of notorious crypto exchange SUEX. It has received sanctions from the US government for being involved in illegal activities and is facing serious charges in Russia for money laundering.

Trust
2.7
Experience
2.6
Professionalism
3
Ethics
2.2
Pros
  • None
Cons
  • Lost his managerial role after US sanctions
  • Using fake DMCAs
  • Alleged involvement in money laundering
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