The Ministry of Internal Affairs urged not to pity the teenager who made money through cryptocurrency.

On January 19, the spokesperson for the Ministry of Internal Affairs, Shohrukh Giyasov, published an open letter addressing the case of a 17-year-old "crypto billionaire" from the Bukhara region.

Initially, it was reported that the schoolboy managed to earn 34 billion sums simply by sitting at his computer and trading the value of cryptocurrencies on exchanges. Law enforcement became interested in him, eventually seizing assets and initiating a criminal case under Article 278-8 (Violation of Legislation in the Field of Crypto Asset Circulation), which carries a penalty of up to five years in prison for particularly large amounts.

According to details provided by Shohrukh Giyasov, the student was a "virtual currency trader," engaging in P2P cryptocurrency arbitrage: he conducted buy and sell transactions through exchanges. Essentially, he would purchase Bitcoin for a client, receiving funds in his account with a markup of 0.1-0.2% of the value.

The young man did not earn 34 billion sums; rather, he executed around 4,000 transactions on the exchange totaling that amount, resulting in approximately 68 million sums. The exact "earnings" of the young crypto investor remain unknown.

In this case, it is clear that 34 billion sums do not represent the income of a "talented" young individual, but rather the sum of someone else's money transferred out of the system. The majority of the transferred funds came from pension, salary, and credit cards, which may indicate money "laundering" obtained through deceitful means. Investigative and judicial authorities will provide an answer to this; the presumption of innocence fully applies to the young man, — Shohrukh Giyasov.

If law enforcement adds Article 243 — legalization of criminal proceeds — to the case, he could face up to 10 years in prison. However, the young man may avoid punishment altogether, as Article 278-8 allows for exemption from liability in the case of active participation in the investigation.

The representative of the Ministry of Internal Affairs also emphasized the need for state control in the cryptocurrency sector.

Crypto exchangers, whether knowingly or unknowingly, can become intermediaries in the activities of fraudsters, organized crime groups, drug traffickers, arms dealers, human traffickers, and creators of child pornography. Criminals often conduct transactions through cryptocurrencies: it’s convenient, fast, and anonymous.

Therefore, it is unfortunate that certain social media users, making statements regarding this criminal case, are misleading the public and hindering its impartial investigation.— Shohrukh Giyasov.

Earlier, in Kashkadarya, a young man was arrested after claiming that his cryptocurrency was stolen. He fell victim to fraudsters and filed a report, but ultimately found himself in the defendant's seat.