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CHIPMIXER DISMANTLED AFTER LAUNDERING AROUND 152,000 BTC

By From0To10K | From 0 to 10K - English | 17 Mar 2023


ChipMixer, the cryptocurrency mixer, was dismantled on Wednesday by Europol with collaboration of German and American law enforcement agencies. During the operation, authorities also seized around 1909.4 bitcoins, which is equivalent to 44.2 million euros, as well as 7 terabytes of data.

1909.4 bitcoins seized in the ChipMixer case

ChipMixer, created in mid-2017, is what is called a cryptocurrency mixer. Essentially, it allows users to mix their cryptocurrencies in order to make their traceability difficult or even impossible. A user deposits BTC into an address and can withdraw them from another address without it being possible to clearly identify the owner of the new address. The platform boasted of providing "complete anonymity" to all its users in order to sell its services, for which it took a commission.

Chipmixer saisie europol

This type of tool is particularly popular with cybercriminals who are constantly seeking new methods to launder cryptocurrencies obtained illegally through activities such as drug trafficking, arms trafficking, ransomware attacks, and credit card fraud.

After years of investigation and thanks to the collaboration of American authorities and the European agency Europol, they managed to put an end to this network and seized four servers and around 1909.4 bitcoins as well as 7 terabytes of data, according to the official statement.

Saisie plateforme ChipMixer

According to investigations around ChipMixer, the platform may have facilitated the laundering of 152,000 bitcoins (with an approximate value of 2.73 billion euros according to current estimates) into cryptocurrency.

ChipMixer, the world's largest cryptocurrency laundering platform According to authorities, this platform was considered "the world's largest cryptocurrency laundering platform".

According to investigations around ChipMixer, the platform may have facilitated the laundering of 152,000 bitcoins (with an approximate value of 2.73 billion euros according to current estimates) into cryptocurrency.

ChipMixer, the world's largest cryptocurrency laundering platform

According to authorities, this platform was considered "the world's largest cryptocurrency laundering platform".

Indeed, this platform was notably used in the FTX hack to launder funds a few months ago. In addition, transactions with the dark web sales platform called "Hydra Market" seem to have taken place for several million euros.

The accuracy of all the data will likely be confirmed in the coming weeks through the seizure and analysis of data found on information servers. Although nothing is certain yet, there is potentially the possibility of linking depositors with withdrawals, which allows tracing of all funds that have passed through ChipMixer.

Despite the fact that many believe that bitcoin and cryptocurrencies are used for fraudulent purposes without the possibility of punishing the perpetrators, history once again demonstrates that the traceability of transactions on the blockchain can help to identify the culprits.

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From 0 to 10K - English
From 0 to 10K - English

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