Shortly before the blocking, the Cheka-OGPU reported that on October 17, 2025, after three years of silence, 6,500 BTC, equivalent to approximately $694 million at the current exchange rate ($106,700 per coin), disappeared from a wallet linked to Alexey Bilyuchenko (aka Ivanov, co-founder of BTC-e and WEX). The funds were transferred to new addresses, where they will likely be divided. According to the source, this is the latest iteration of the scheme in which "Orthodox oligarch" Konstantin Malofeev and his nominees continue to squeeze the last bits of cash out of the collapsed crypto exchange. Clients whose billions disappeared in 2018 are still trying to seek justice in the courts, while fraudsters, with the support of intelligence agencies, are reactivating the dormant assets.

The Cheka-OGPU and Rucriminal.info discovered that a trial hearing was held in Singapore from September 30 to October 2 in a civil lawsuit filed by WEX exchange clients (whose money was stolen by Malofeev and his security officials) against WEX.

The defendant's representative, Pravdin, participated via video link (the judge had previously concluded that he was not a key witness). During cross-examination, he stated that all the information he had was obtained from third parties, after which the judge excluded his testimony.

WEX named a certain Alexander Podobnykh as a witness on their behalf, attempting to portray him as a Singaporean cryptocurrency expert. The fake expert, originally from St. Petersburg, concluded in a hastily written affidavit that most users did not need compensation and that funds could have been withdrawn even after WEX closed withdrawals. He manipulated unsubstantiated facts that contradicted the court's decision (which WEX had previously tried to overturn but lost). During cross-examination, it was revealed that the "expert" did not actually hold CISA/ISACA certifications, had not taken the exams for this certification, and had merely completed an eight-hour exam preparation course.

The Singapore High Court clearly noted the pseudo-expert's affiliation, lack of specialized training, and bias.

The parties' lawyers must submit final documents, after which the court will issue a final decision after November 14.
 

Seedathan Khwanta, who is the second (nominee) director of WEX along with Dmitry Kosarev (Malofeev's nominee, who is supervised by Dmitry Skuratov, director of Tsargrad), and secretary Mr. Yeow Lih Ren, were also summoned to court in a civil suit brought by WEX exchange clients (whose money was stolen by the Orthodox oligarch Malofeev and his security officials partners) against WEX. Seedathan Khwanta, who is the second (nominee) director of WEX along with Dmitry Kosarev (Malofeev's nominee, who is supervised by Dmitry Skuratov, director of Tsargrad), and secretary Mr. Yeow Lih Ren, were also summoned. The court asked about WEX assets that they had not disclosed. Under cross-examination in court, Seedathan Khwanta admitted that she and the WEX secretary were being advised by a certain Pavel Kuznetsov, director of the Singaporean company RegUniverse Pte Ltd, who had prohibited them from disclosing information. Failure to comply with a court order in Singapore carries a prison sentence of up to six months, which is what the director faced. However, the plaintiffs showed leniency and did not press for imprisonment, as they had previously received a document in which she authorized Pravdin to independently manage WEX funds. Kuznetsov filed an affidavit in support of WEX a year ago. It can be assumed that this individual is actively working with nominee personnel to conceal the embezzlement of funds and could be of interest in further investigations should WEX fail to pay, along with Andrey Zelenin of Lidings, who is likely directly involved in the embezzlement along with Pravdin and Kosarev.

Parallel to the Singapore trial, on September 30, 2025, the Supreme Court of Russia, on a constitutional appeal, overturned a civil court ruling ordering Alexey Bilyuchenko to pay WEX 18 billion rubles in compensation for embezzlement. The reason for this was an agreement reached by Dmitry Khavchenko at a hearing on September 6, 2023, when the company was effectively re-registered to Pravdin without Khavchenko's knowledge (the denominations were swapped). However, Khavchenko remained its representative in court and, to spite Pravdin-Skuratov, agreed to the minimum possible amount of damages suffered by WEX—namely, 3.1 billion rubles. This amount is certainly understated as of 2023. The damages were calculated for October 24, 2018 (notably, this was the period when cryptocurrency prices reached their lowest point), and this date was chosen by the investigation. Khavchenko, who had no knowledge of cryptocurrencies or the WEX exchange, was satisfied with any amount that could be deposited into the account he had prudently written down on a piece of paper and attempted to submit to the court that day. Although, according to Article 1102 of the Civil Code, no one may profit from their own crime, and even with a signed but obviously predatory deal with Khavchenko, they could attempt to recover the illegally obtained profits from the crime, not to mention that they had three years to challenge the deal, all the resources of the law firms and firms engaged by WEX were focused on the Singapore process, with the goal of preventing any payouts.