European law enforcement agencies have dismantled a cryptocurrency mixing service called Cryptomixer in a Europol-coordinated operation involving two countries.
The platform, which has been active on the dark web, is believed to have processed well over a billion euros’ worth of digital-asset transactions in the past decade.
Europol helps Switzerland and Germany take down Cryptomixer.io
The European Union’s law enforcement agency announced it has supported efforts by two partnering nations to end the activities of an illegal crypto mixing service.
The online platform, known as ‘Cryptomixer,’ is suspected of facilitating cybercrime and money laundering on the Old Continent, Europol stated on Monday.
The joint action was carried out November 24 – 28 in Zurich, Switzerland, by Swiss and German authorities who seized the cryptomixer.io domain and three of its servers.
“After the illegal service was taken over and shut down, law enforcement placed a seizure banner on the website,” the press release informed and highlighted:
Cryptomixer cleaned criminal proceeds before they reach crypto exchanges
The busted crypto mixing site was present on both the clear web and the dark web, Europol noted. The software employed by its operators blocked the traceability of funds transferred via blockchain.
This made it popular among cybercriminals trying to launder illegal proceeds from a variety of criminal activities, Europol said, listing drug and weapons trafficking as well as bank card fraud among them.
Cryptomixer facilitated the obfuscation of criminal funds for ransomware groups, underground economy forums and dark web markets, the agency added, estimating:
Platforms like this are usually utilized before the digital assets reach cryptocurrency exchanges, allowing users to convert already “clean” coins into other crypto or fiat currencies through cash machines and bank accounts, the EU agency explained. It also posted a video showing how the system works.
Europol leads charge against crypto laundering
Europol has taken the role of a coordinating body supporting such operations across member states of the Union and its neighbors.
It facilitated the exchange of information for the operation in the Alpine nation using the framework of the Joint Cybercrime Action Taskforce (J-CAT).
The latter, which is based at Europol’s headquarters in The Hague, was established in 2014 to back the fight against cybercrime both within the EU and beyond its borders.
Besides coordinating German and Swiss investigators and prosecutors by holding operational meetings, Europol provided cybercrime expertise and forensic assistance on the ground.
Another European agency that joined the operation was Eurojust, which oversees judicial cooperation on criminal cases among relevant authorities in the EU countries.
In March 2023, Europol participated in the dismantling of one of the largest crypto mixing services, the Chipmixer platform, which processed over $3 billion over six years of operation.
In November of this year, it took steps to boost efforts to prevent money laundering through cryptocurrencies, as reported by Cryptopolitan, after warning earlier that month that the criminal use of digital money is becoming more sophisticated.
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Source: https://www.cryptopolitan.com/europe-shuts-down-cryptomixer-25-m-bitcoin/
