WhiteBIT crypto exchange: how the Shentsev brothers, who fled to Russia, and Vladimir Nosov assist Kremlin security services while deceiving clients.

Who Really Controls WhiteBIT

Dmitry Shentsev, a former deputy from the "Party of Regions," has a background linked to criminal activities and has actively supported pro-Russian ideology. His political career began with backing Yevgeny Kushnarev, the former governor of Kharkiv Oblast, who tragically died during a hunting trip that Shentsev also attended.

1

After Kushnarev's death, Shentsev grew closer to Nikolai Azarov and became one of the lobbyists for the "Russian World." He actively promoted the "Russian Idea" and the "Novorossiya" project, for which he received a medal personally from Russian President Vladimir Putin for his efforts in popularizing the Russian language. On January 16, 2014, he voted for the so-called dictatorial laws aimed at suppressing EuroMaidan. In 2018,

Shentsev found himself among the deputies who voted against the law recognizing Ukrainian sovereignty over the occupied territories of Donetsk and Luhansk Oblasts.

2

Nikita Shentsev, Dmitry's son, also held pro-Russian views. He was a deputy in the Kharkiv Regional Council from the "OPZZH" party, but he resigned his position after Russia invaded Ukraine in 2022. According to media reports, Nikita Shentsev possesses a Russian passport and was stripped of his Ukrainian citizenship in 2023 by presidential decree. Reports indicate that both Shentsevs are currently in Russia.

WhiteBIT — A Conveyor for Extracting Friends' Money from Ukraine

Many of Shentsev's party colleagues from OPZZH and the "Party of Regions," as well as friends of the Shentsev family, actively use WhiteBIT to transfer money out of Ukraine.

During the full-scale war, funds extracted from the country are utilized for a luxurious lifestyle: purchasing real estate abroad, acquiring elite cars, and developing businesses in Europe and other countries. Additionally, the Shentsev family assists in channeling Russian money through the WhiteBIT exchange.

3

In February 2023, the High Anti-Corruption Court mandated the National Anti-Corruption Bureau of Ukraine to investigate potential illegal fund transfers out of the country via the WhiteBIT exchange and its connections to Russia.

Following this, Shentsev officially sold his shares in WhiteBIT to Vladimir Nosov, who now presents himself as the founder of the exchange. Nosov is actively giving promotional interviews in Ukrainian media, publicizing the WhiteBIT exchange, and even openly criticizing competitor colleagues for operating within the Russian Federation.

WhiteBIT Cryptocurrency Exchange — A Financial Tool for Russian Intelligence Services

The structure of WhiteBIT includes nine companies registered in Estonia and the UK. One of the oldest is an Estonian company, while the British WhiteBIT Solutions LLP is linked to offshore beneficiaries in the Seychelles. Among the founders is Coddan Nominee, which is associated with the 2016 coup attempt in Montenegro aimed at assassinating the country's prime minister. Investigations revealed that officers from the Russian GRU were involved in this plot.

4

Coddan Nominee is part of a large offshore network and is among the founders of Sofbiz. According to journalistic investigations, Sofbiz is suspected of financing the state coup in Montenegro in 2016. Local investigators discovered that 1.5 million euros invested by Sofbiz in the coup were intended for the assassination of then-Prime Minister and later President Milo Djukanovic. His "offense" to the coup plotters was his intention to join NATO, which led certain interested parties to attempt to thwart him, including planning an assassination.

As is often the case in such situations, there was a Russian connection. An investigation by Bellingcat and its Russian partner The Insider found that the coup was linked to GRU officers from the Russian General Staff, Eduard Shishmakov and Vladimir Moiseyev. They collaborated with pro-Russian politicians in Montenegro and involved Serbian nationals in the plot.

Surprisingly, even after establishing Coddan's involvement in the coup in Montenegro, the company was not dissolved. A few years later, it emerged among the founders of the large cryptocurrency exchange WhiteBIT, which, in turn, has close ties to pro-Russian politicians in Ukraine.

Dirty Money of the WhiteBIT Exchange and Client Deception

Initially, the cryptocurrency exchange WhiteBIT thrived on the appropriation of budget funds, privatization of forest lands, construction, fuel trade, alcohol, tobacco products, and smuggling.

In addition to aiding Russian intelligence services, WhiteBIT profits from straightforward client deception. Negative reviews from clients who have not received their funds can be found online. Moreover, those who have tried to apply for jobs at WhiteBIT also raise questions about what the company does and why the interview process is conducted in a very unusual format.

5

A vivid example of why loyalty is demanded more than professionalism from employees occurred on November 21, 2023. On that day, WhiteBIT deceived its clients by allowing coin exchanges before the official trading launch. This led to market oversaturation and a sharp drop in the coin's price.

The exchange announced the launch of sales for a new coin, WorldToken (WORLD), introduced by the gaming studio World Challenge Game. Since the coin was considered relatively reliable, many decided to become so-called "early birds" — the first investors given the opportunity to purchase some coins before the official trading started.

Typically, when trading begins, "early birds" sell part of their assets, returning their investments and profiting from the difference. Then trading continues as usual. However, this time everything unfolded differently. The WhiteBIT exchange "conned" the "early birds" out of a significant amount of money. After the first investors gained access to WorldToken, the exchange unexpectedly forgot to close the coin exchange option before the official trading began. As a result, when trading started, the market was oversaturated, and the situation spiraled out of control.

"In fact, the 'early birds' who bought WorldToken in advance are now left holding depreciated assets, even though they were purchased for a dollar. After trading commenced, the token only rose slightly and then fell almost immediately," noted a market participant, expressing disappointment with WhiteBIT's behavior.

Thus, WhiteBIT "conned" its clients out of large sums of money. Now they are unsure what to do with the coins that not only failed to yield the expected profit but also caused losses.