"He is not a talented young man, but rather a 'virtual currency dealer,' according to Interior Ministry spokesperson Shokhrukh Giyasov."

Recently, a criminal case involving a teenager who earned several million dollars through cryptocurrency trading has been actively discussed on social media. The case concerns a 17-year-old resident of Bukhara, who has been dubbed a “talented guy” by the media.

However, as noted by the head of the Information Service of the Ministry of Internal Affairs, Shohrukh Giyasov, this young individual was engaged in the typical activities of a “virtual currency dealer” — assisting users in buying and selling cryptocurrency through closed channels and groups on Telegram.

Activities of “virtual currency dealers”

Today, anonymous channels and groups are actively operating on Telegram, where users can buy and sell cryptocurrency. In these channels, sellers and buyers connect with each other and exchange electronic money for cryptocurrency or vice versa. Such transactions are facilitated by “virtual currency dealers.”

For their services, they charge a commission ranging from 0.1% to 2% of the transferred amount. Notably, the higher the level of anonymity in the transaction, the greater the commission.

To carry out these operations, “virtual currency dealers” utilize specialized platforms like Binance, which allow the exchange of one cryptocurrency for another or the conversion into cash (dollars, euros, rubles, etc.).

Risks Associated with “Virtual Currency Dealers”

Unfortunately, large-scale fraudsters, as well as criminal groups specializing in drug trafficking, arms dealing, human trafficking, and child pornography, increasingly use anonymous crypto assets for their transactions. Terrorist organizations also utilize cryptocurrency to fund their activities.

This is due to the ability of cryptocurrency to facilitate quick and anonymous money transfers to any point in the world. “Virtual currency dealers,” whether knowingly or unknowingly, become intermediaries in such crimes, which raises serious concerns.

Investigation of the “Virtual Currency Dealer” Case

In the aforementioned criminal case, the suspect, 17-year-old Z.M., conducted over 4,000 suspicious transactions totaling 34 billion sums through the Binance platform over the course of seven months. For these services, he received a commission fee.

An analysis of these transactions revealed that a significant portion of the funds came from pension, salary, and online credit cards. There are suspicions that these funds were obtained through fraudulent means and were used for their legalization and concealment of traces.

The final determination will be made by the investigation and the court, which fully adhere to the principle of presumption of innocence.

Public Opinion and Investigation

Some social media users, while disseminating information about this criminal case, mislead the public and hinder an objective investigation. Lacking access to case materials and unaware of legal requirements, they make unprofessional and populist statements, Giyasov noted.