After taking a closer look, it seemed we could assume the exchange was based in Cyprus. The terms of use on BTC-e’s website stated the exchange was governed by the laws applicable in Cyprus. However, when looking up the website through Google, the description says BTC-e operates from Bulgaria. Neither could be proven so these discoveries won’t bring any more clarity. The only certainty, as far as certainty about BTC-e goes, would be the involvement of Russia. BTC-e’s helpdesk releases periodic updates, presented in Russian and English. The presence of Russian currency on the website also indicate this. A December interview with CoinDesk, one of the few interviews BTC-e ever did, gave away the names of Aleksey and Alexander. Both are names that are well represented in Russia.