As part of the enforcement measures taken against cryptocurrency firm Bitzlato, the European Union Agency for Law Enforcement Cooperation, often known as Europol, has stated that authorities have taken custody of the wallets of bitcoin containing cryptocurrencies worth more than $19 million.

Europol said on January 23 that around 46% of the assets that were transferred through Bitzlato were related to illegal activities. At press time, this equated to €1 billion, which is equivalent to $1.09 billion.

According to the findings of the investigation carried out by the government agency, Bitzlato was in possession of more than 2.1 billion euros in cryptocurrencies, such as Bitcoin (BTC), Dash (DASH) and Dogecoin (DOGE), most of which were exchanged for Russian rubles.

According to Europol, even though converting crypto assets into fiat currency is not illegal, investigations into cybercriminal operators suggested that large amounts of illicit assets passed through the site. “Most of the suspicious transactions are linked to companies that have been sanctioned by the Office of Foreign Assets Control (OFAC). Other questionable transactions are linked to cyber scams, money laundering, malware and content depicting child abuse.”

Authorities in the United States reported on January 18 that they had detained Anatoly Legkodymov, the creator of Bitzlato, in the state of Florida as part of the efforts of a cryptocurrency-focused enforcement team.

Europol added that the operation, which involved support agencies in Belgium, Cyprus, Portugal, Spain and the Netherlands, resulted in the arrest of four other people linked to the cryptocurrency exchange. One of these individuals was arrested in Cyprus and the other three were arrested in Spain.

In addition to the arrests, Europol claimed that investigators seized wallets worth around 18 million euros, which is equivalent to approximately $19.5 million, and blocked more than 100 accounts at other cryptocurrency exchanges, which controlled a total of 50 million euros.

Bitzlato’s servers were allegedly a “major money laundering problem” that was linked to Russian criminal financing, and authorities in the United States of America were involved in attempts to seize them.

Following his arrest on January 18, Legkodymov was reportedly brought before the US District Court for the Southern District of Florida for his arraignment.

There is a lack of clarity about the possible charges, if any, that his partners at Bitzlato may face in Europe.