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Market News

Bat Yam Citzen Busted for $186M U.S. Crypto Heist

Written By Iyiola Adrian
Fact Checked by Jahnu Jagtap
Published May 3, 2025 11:06 PM
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Bat Yam Citzen Busted for $186M U.S. Crypto Heist

Alexander Gurevich, a 47-year-old dual Russian-Israeli citizen from Bat Yam, was arrested at Ben-Gurion Airport on May 1 after attempting to flee to Russia using a passport issued under a new name, “Alexander Block.” 

He is wanted in the United States for allegedly stealing millions in a 2022 crypto hack. The fiasco targeted California-based blockchain company Nomad. U.S. officials accuse him of computer crimes, money laundering, and transferring stolen digital property. His identity had not been revealed publicly until his arrest in Israel last week.

According to a U.S. extradition request, Gurevich allegedly took advantage of a security weakness in Nomad’s system and made off with about $2.89 million worth of crypto tokens. Just days later, other hackers discovered the same flaw and drained nearly $186 million in total, nearly crashing the company, according to a local report.

The FBI launched an investigation after Gurevich contacted Nomad’s Chief Technology Officer, James Prestwich, on Telegram, admitted to “amateurishly” probing the system, and apologized for “the trouble he caused.” 

He reportedly returned $162,000 but also demanded a $500,000 reward. “He wanted half a million for pointing out the vulnerability,” the request claims. Prosecutors say Gurevich changed his name on April 29 and received a passport under that new identity the very next day. On May 1, he was caught at the airport before boarding a flight. He appeared in court the following day in handcuffs. 

The Israeli State Attorney’s Office International Department submitted a petition on May 2 to the Jerusalem District Court to declare him extraditable. Justice Minister Yariv Levin had signed the order for Gurevich’s court appearance shortly after his return to Israel on April 19, the second day of Passover.

Gurevich, who got Israeli citizenship in 2017, has spent most of the last few years abroad, including in Africa, according to authorities. He was indicted in the U.S. in August 2023 on eight federal counts. The charges in America carry sentences of up to 20 years, much higher than the three-year maximum for similar offenses in Israel. U.S. prosecutors filed the extradition request in December 2024.

Gurevich is currently being held in custody by court order from Judge Einat Avman-Moller. He is represented by the Public Defender’s Office. The arrest was coordinated by the Israel Police National Fraud Unit and the Tel Aviv Fraud Division.

Also Read: Deribit Plans to Enter U.S. Amid Trump’s Pro-Crypto Parade

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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