Police Take Down Cryptomixer: Major Cryptocurrency Mixing Service Shut Down

[johny899]

According to the news published on BleepingComputer, Cryptomixer, a significant service in the cryptocurrency industry, was just shut down by law enforcement in Germany and Switzerland.

How Could This Happen​

In an effort dubbed "Operation Olympia" law enforcement authorities were able to locate and disable the website of Cryptomixer, siezed three servers associated with the service and capture roughly €24 million worth of Bitcoin.

Can you even comprehend that?​

As a crypto-mixing service, Cryptomixer was designed so that users could deposit their Bitcoins into the system. And then mixed all of those Bitcoins together into one account. The service would then send out the newly "mixed" Bitcoins to an assortment of wallets, making it almost impossible for anyone to track the original source.

The Importance of This​

Police confirm that criminals use the digital currency mixing service (Cryptomixer) to launder money. The following examples illustrate some common uses:

• Ransomware attacks
• Drug trafficking
• The underground economy (dark web markets)
• Stolen credit card transactions
• The illegal sale of weapons

Therefore, the takedown of Cryptomixer was not just the removal of a website, it was a blow to how criminals cleaned their dirty cash.

So Why Care?​

If you're into cryptocurrency, this is significant because of the following three reasons:

• It reveals that law enforcement is now tracking and combating illegal activity involving cryptocurrencies.
• It may cause fear among users of mixers because of their connection to crime.
• It raises an important question regarding striking a balance between customer privacy and law enforcement security.

When I first heard about this story, my initial thoughts were of relief in knowing that a significant tool for criminal activity has been removed and of what would happen next to other mixing services.

More mixing services will likely eventually be removed.

To Conclude​

The take down of this crypto mixing service should serve as a reminder to use caution when using digital currencies. Since, these can be used for both good and evil purposes and that tools available in today's world to help disguise funds.

Therefore, for those who utilize digital currencies, its mandatory to remain aware of the rapid changes occurring in this growing and evolving market.