An international police operation has seized infrastructure and assets of crypto mixing service “ChipMixer,” which is said to be used by hackers, ransomware , and other fraudsters for money laundering.
The operation was conducted by Europol in cooperation with law enforcement authorities in the United States (FBI) and Germany (BKA). Authorities seized 7 TB of data, four servers and $46.5 million worth of crypto (Bitcoin).
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The ChipMixer service is one of the largest crypto mixing platforms operating on the dark web since 2017. It allows users to convert their money into untraceable “chips”, which are then redeemed to “clean” crypto addresses that can be converted into FIAT money.
The seizure of the service's infrastructure, including its Tor dark web servers, is preventing the platform from functioning. Visitors will now see a seizure banner from Germany's Federal Criminal Police Office Bundeskriminalamt (BKA).
Crypto mixing platforms are also known as “tumblers.” They take digital assets from users and add them to a huge cryptocurrency pool that contains coins . These coins are then “mixed” by shuffling the cryptocurrency between many new wallet addresses. This enhances the privacy and anonymity of transactions and cryptocurrency holders. For this activity, the service receives a fee.
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These services can be used legally, but they are primarily used by cybercriminals whochoose these services to avoid identification and prosecution.
“ The investigation into the service (ChipMixer) shows that the platform may have facilitated the laundering of 152,000 Bitcoins (worth approximately 2.73 billion euros at current estimates) into crypto assets ,” Europol said in a statement
“A large share of this is linked to dark web markets, ransomware groups, illicit goods trafficking, the supply of child sexual exploitation material, and stolen crypto assets“.
Ransomware groups confirmed to have used the ChipMixer service to launder their illicit proceeds include LockBit, Zeppelin, Mamba, SunCrypt, and Dharma.
Money laundering, or money laundering, is the process of concealing illegal activity by converting illegally obtained money into legitimate assets. It is a serious crime that has been used for centuries to conceal illegally obtained funds and protect criminals from prosecution. In recent years, money laundering has become increasingly sophisticated and difficult to detect.
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According to German authorities, the main operator of ChipMixer has been identified and the FBI is already on the hunt to bring him to justice. In fact, a reward is being offered through the US Department of Justice’s “Rewards for Justice” program.
Source: www.bleepingcomputer.com
