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IyaJJJ

Member

Registered: 2023-01-25

Posts: 2,082

Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

German and US authorities, supported by Europol, have targeted ChipMixer, a cryptocurrency mixer well-known in the cybercriminal underworld. The investigation was also supported by Belgium, Poland, and Switzerland. On 15 March, national authorities took down the infrastructure of the platform for its alleged involvement in money laundering activities and seized four servers, about 1909.4 Bitcoins in 55 transactions (approx. EUR 44.2 million), and 7 TB of data.

ChipMixer, an unlicensed cryptocurrency mixer set up in mid-2017, specialized in mixing or cutting trails related to virtual currency assets. The ChipMixer software blocked the blockchain trail of the funds, making it attractive for cybercriminals looking to launder illegal proceeds from criminal activities such as drug trafficking, weapons trafficking, ransomware attacks, and payment card fraud. Deposited funds would be turned into “chips” (small tokens with equivalent value), which were then mixed together - thereby anonymizing all trails to where the initial funds originated.

A service available both on the clear and on the darkweb, ChipMixer offered full anonymity to their clients. This type of service is often used before criminals’ laundered crypto assets are redirected to cryptocurrency exchanges, some of which are also in the service of organized crime. At the end of the process, the ‘cleaned’ crypto can easily be exchanged into other cryptocurrencies or directly into FIAT currency though ATM or bank accounts.

EUR 2.73 billion in crypto assets laundered with “chips”
The investigation into the criminal service suggests that the platform may have facilitated the laundering of 152 000 Bitcoins (worth roughly EUR 2.73 billion in current estimations) in crypto assets. A large share of this is connected to darkweb markets, ransomware groups, illicit goods trafficking, procurement of child sexual exploitation material, and stolen crypto assets. Information obtained after the takedown of the Hydra Market darkweb platform uncovered transactions in the equivalent of millions of euros.

Ransomware actors such as Zeppelin, SunCrypt, Mamba, Dharma or Lockbit have also used this service to launder ransom payments they have received. Authorities are also investigating the possibility that some of the crypto assets stolen after the bankruptcy of a large crypto exchange in 2022 were laundered via ChipMixer.

Europol facilitated the information exchange between national authorities and supported the coordination of the operation. Europol also provided analytical support linking available data to various criminal cases within and outside the EU, and supported the investigation through operational analysis, crypto tracing, and forensic analysis. The Joint Cybercrime Action Taskforce (J-CAT) at Europol also supported the operation. This standing operational team consists of cybercrime liaison officers from different countries who work on high-profile cybercrime investigations.

National authorities involved:
Belgium: Federal police
Germany: Federal Criminal Police Office Frankfurt/Main
Poland: Central Cybercrime Bureau
Switzerland: Cantonal Police of Zurich
USA – Federal Bureau of Investigation, Homeland Security Investigation, Department of Justice
 What's UtopiaP2P doing to prevent this from happening to Crypton Exchange?

thrive

Member

Registered: 2023-01-04

Posts: 2,575

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

I am you ask about this question and the news about the Chipmixer its sad news.
Having said that, the UtopiaP2P ecosystem and their service which include the CRP coin, UUSD, and Crypton Exchange are eternal and can not be confiscated by any government or authority.

thrive

Member

Registered: 2023-01-04

Posts: 2,575

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

I read today that one of the reasons why the Chipmixer Bitcoin tumbler was shut down is that they are involved in the KuCoin theft in September 2020 as well as the Axie Infinity Ronin Bridge and Harmony Horizon Bridge hacks that took place last year.

IyaJJJ

Member

Registered: 2023-01-25

Posts: 2,082

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

I read today that one of the reasons why the Chipmixer Bitcoin tumbler was shut down is that they are involved in the KuCoin theft in September 2020 as well as the Axie Infinity Ronin Bridge and Harmony Horizon Bridge hacks that took place last year.

Meanwhile, Bestmixer was shutdown by Europol while Blender, and Tornado Cash were crypto mixer were subject to U.S. sanctions, making ChipMixer the fourth mixer service to be banned.

Cat

Member

Registered: 2023-03-11

Posts: 153

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

I read today that one of the reasons why the Chipmixer Bitcoin tumbler was shut down is that they are involved in the KuCoin theft in September 2020 as well as the Axie Infinity Ronin Bridge and Harmony Horizon Bridge hacks that took place last year.

they just couldn't control them, that's why they got banned.

Cat

Member

Registered: 2023-03-11

Posts: 153

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

<p>I am you ask about this question and the news about the Chipmixer its sad news. <br />Having said that, the UtopiaP2P ecosystem and their service which include the CRP coin, UUSD, and Crypton Exchange are eternal and can not be confiscated by any government or authority.</p>

No confiscated, but I think there will be a "ban" on download links and so on. But in my opinion this is a very weak restriction that can be easily circumvented.

IyaJJJ

Member

Registered: 2023-01-25

Posts: 2,082

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

<p>I am you ask about this question and the news about the Chipmixer its sad news. <br />Having said that, the UtopiaP2P ecosystem and their service which include the CRP coin, UUSD, and Crypton Exchange are eternal and can not be confiscated by any government or authority.</p>

No confiscated, but I think there will be a "ban" on download links and so on. But in my opinion this is a very weak restriction that can be easily circumvented.

Please read the news I posted very well because this was a total raid by about 5 government authorities from 5 different countries. How can you be sure that the shutdown by the government can be easily circumvented

thrive

Member

Registered: 2023-01-04

Posts: 2,575

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

I read today that one of the reasons why the Chipmixer Bitcoin tumbler was shut down is that they are involved in the KuCoin theft in September 2020 as well as the Axie Infinity Ronin Bridge and Harmony Horizon Bridge hacks that took place last year.

they just couldn't control them, that's why they got banned.

Maybe they couldn't control them but if what you said about the government being unable to control the cryptocurrency tumbler site is true why would they seize huge amounts of Bitcoin from them?

misha220

Member

Registered: 2023-03-23

Posts: 10

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

One will be caught, and a new one will come to take his place.

thrive

Member

Registered: 2023-01-04

Posts: 2,575

Re: Europol Washed One of the darkweb’s largest cryptocurrency Tumbler

One will be caught, and a new one will come to take his place.

You're absolutely right about the new cryptocurrencies tumbler taking its place but sooner or later the Fed and the Europol will shut it down either and there's a chance that they will track down their user. Therefore, it is better to make use of Crypton Exchange.