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In a major crackdown against cybercriminals involved in money laundering through cryptocurrency mixers, authorities in Germany and the United States have seized the infrastructure of Bitcoin mixer ChipMixer. Europol and other nations, such as Belgium, Poland, and Switzerland, backed the operation, according to the press release.
ChipMixer May Have Laundered €2.73 Billion In Bitcoins
ChipMixer, an unlicensed cryptocurrency mixer, was set up in 2017 and specialized in mixing or cutting trails related to virtual currency assets.
Cybercriminals utilized this method to launder illicit profits obtained from unlawful undertakings, including but not limited to drug and weapons trafficking, ransomware assaults, and payment card fraud.
The investigation into the platform has revealed that it may have facilitated the laundering of a staggering 152,000 Bitcoins, which is worth approximately EUR 2.73 billion in current estimations.
As per the press release, a significant chunk of these funds is associated with illicit activities such as the trade of illegal goods on the dark web, ransomware syndicates, the acquisition of child sexual exploitation materials, and the theft of cryptocurrency assets.
The shutdown of ChipMixer’s infrastructure and the seizure of four servers, 1909.4 Bitcoins, and 7 TB of data is a significant development in the fight against money laundering through cryptocurrency.
The operation has uncovered how extensively cybercriminals utilize cryptocurrency mixers to launder their assets, making it more difficult to track and seize these illegal proceeds.
ChipMixer provided anonymous services on both the clear and dark web, often used by criminals to launder crypto assets before redirecting them to cryptocurrency exchanges that may serve organized crime.
Ransomware actors like Zeppelin and SunCrypt used this service to launder ransom payments. Authorities are investigating the possibility that the crypto assets stolen from a large exchange in 2022 were laundered via ChipMixer. ‘Cleaned’ crypto can be easily exchanged into other cryptocurrencies or FIAT currency through ATM or bank accounts.
However, Europol played a crucial role in facilitating information exchange, coordinating the operation, providing analytical support, and assisting in the investigation through operational, crypto tracing, and forensic analysis. The Joint Cybercrime Action Taskforce (J-CAT) at Europol also supported the operation.
Nevertheless, the shutdown of ChipMixer and the seizure of its infrastructure marks a significant victory for authorities in the fight against money laundering through cryptocurrency.
The collective efforts of global authorities in combating cybercrime send a strong message to cybercriminals that their unlawful actions will not be overlooked and justice will be served.
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