A $200 Million Crypto Mixing Service, Bestmixer, is Shut Down By Europol

One of the largest coin mixers of the crypto market has been shut down by an operation led by the police of Luxembourg, the Netherlands and Europol. Bestmixer, known as one of the three main crypto tumblers in the market, was shut down today.

If you do not know that a crypto mixer or tumbler is, you should know that these are services that basically mix up the information so that people can use Bitcoin with more privacy. Basically, the idea is to make Bitcoin as anonymous as privacy coins like Monero.

Even though these services are not completely failproof, they are still considered pretty good and some criminals use them in order to cloak their transactions and be safer when using cryptos for illegal activities.

According to the reports from the police, the Dutch Fiscal Information and Investigation Service has seized the six servers of the company, which enabled the company to mix over $200 million USD in assets. The service could be used for BTC, Litecoin (LTC) and Bitcoin Cash (BCH) and it was considered one of the most important services in its line of work.

As expected, the police discovered that several of the coins that were mixed using Bestmixer came from criminal activity and were used for money laundering. Because of this, the authorities deemed the service as something that was widely being used for criminal activities.

Europol affirmed that this is the first time ever in which a cryptocurrency mixer service is disabled by the authorities. If you try to visit the site now, you will see a message in which it is affirmed that the service has been seized and that “you are not anonymous”.

The authorities have also collected data from the platform since the past year and tried to figure out more about the identity of the people using the mixers, taking their IPs, Bitcoin addresses and even chat messages. This information will be shared with other countries, too, as noted by Europol.

Several mixers can still be found online at the time of this report. The most famous ones are BitMix.biz, ChipMixer and BitBlender.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,193FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Binance's BNB Is The Third Crypto To Get A Branded Twitter Emoji As the Exchange Celebrates Turning 3

The largest crypto exchange in the world in terms of trading volume, Binance, becomes the third crypto-based firm to get a branded emoji on...

Bolt Labs to Bring zkChannels, Private Payment Channels, to Tezos Blockchain

Bolt labs will collaborate with the Tezos dev team, Nomadic labs, and Metastate in a bid to integrate their private payment channel zkChannels...

Ethereum Layer 2 Solution, SKALE Network, Launches Its Mainnet Phase One; Staking & Bounties Start in Early Q3

SKALE - an open-source scaling solution backed by Gemini exchange founders Winklevoss brothers for scaling the Ethereum network - has started to roll out...

Pundi X Integrates PayPal into Point-of-Sale Device, XPOS; Users Can Buy & Sell Crypto Seamlessly

Pundi X, a blockchain firm based in Singapore, has integrated its point-of-solution (PoS) device, XPOS, with PayPal, according to a medium post on June...

Crypto Mining GPU Manufacturer, NVidia Petitions Court to Toss Out $1 Billion Class Action

NVidia has petitioned the California court to dismiss the class action suit made by its investors. The lawsuit against the firm’s top brass alleges that...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today