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    Home / News / Business News / Rapper Razzlekhan, husband admit to laundering $4.5 billion of Bitcoin
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    Rapper Razzlekhan, husband admit to laundering $4.5 billion of Bitcoin
    Razzlekhan and husband were responsible for the 2016 Bitfinex hack (Photo credit: Razzlekhan)

    Rapper Razzlekhan, husband admit to laundering $4.5 billion of Bitcoin

    By Athik Saleh
    Aug 04, 2023
    01:16 pm

    What's the story

    Wife and husband cyber-crime team, Heather Morgan and Ilya Lichtenstein, admitted to money laundering and conspiracy charges after trying to clean $4.5 billion in Bitcoin from a 2016 hack.

    They split the Bitcoin, moved it to thousands of wallets using fake identities, mixed it with other criminal cryptocurrency on Alphabay, bought gold coins, and created shell companies.

    Morgan moonlights as a rapper called 'Razzlekhan.'

    Details

    Morgan and Lichtenstein planned to escape to Russia

    Morgan and Lichtenstein were caught when police connected them to the Bitfinex hack through Walmart gift cards bought with stolen funds.

    Law enforcement found hollowed-out books with concealed mobile phones, burner handsets, and $40,000 cash in their Manhattan apartment. They planned to escape to Russia.

    Lichtenstein could face up to 20 years in prison, while Morgan may serve up to 10 years.

    What's next?

    The case emphasizes the need for strong security measures

    The 2016 Bitfinex hack hit customers hard, causing a 36% loss of their assets held by the crypto exchange.

    By 2019, Bitfinex reimbursed victims, raising hopes for a windfall once the recovered Bitcoins return to the exchange and affected customers.

    This case emphasizes the need for strong security measures and insurance coverage in the cryptocurrency industry to protect customers from such incidents.

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