cryptocurrency laundering service Bestmixer.io taken down

FanJ · May 22, 2019

Multi-million euro cryptocurrency laundering service Bestmixer.io taken down
Europol Press Release:
https://www.europol.europa.eu/newsr...ncy-laundering-service-bestmixerio-taken-down

First law enforcement action of its kind against such a cryptocurrency mixer service

Today, the Dutch Fiscal Information and Investigation Service (FIOD), in close cooperation with Europol and the authorities in Luxembourg, clamped down on one of the world’s leading cryptocurrency mixing service Bestmixer.io.
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Initiated back in June 2018 by the FIOD with the support of the internet security company McAfee, this investigation resulted in the seizure of six servers in the Netherlands and Luxembourg.
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FanJ · May 25, 2019

Article by John Fokker, Head of Cyber Investigations for McAfee Advanced Threat Research, about it:
https://securingtomorrow.mcafee.com...e-bestmixer-io-taken-down-by-law-enforcement/

A much overlooked but essential part in financially motivated (cyber)crime is making sure that the origins of criminal funds are obfuscated or made to appear legitimate, a process known as money laundering. ’Cleaning’ money in this way allows the criminal to spend their loot with less chance of being caught. In the physical world, for instance, criminals move large sums of cash into offshore accounts and create shell companies to obfuscate the origins of their funds. In the cyber underground where Bitcoin is the equivalent of cash money, it works a bit differently. As Bitcoin has an open ledger on which every transaction is recorded, it makes it a bit more challenging to obfuscate funds.
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When a victim pays a criminal after being extorted with ransomware, the ransom transaction in Bitcoin and all additional transactions can then be tracked through the open ledger. This makes following the money a powerful investigative technique, but criminals have come up with an inventive method to make tracking more difficult; a mixing service.
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cryptocurrency laundering service Bestmixer.io taken down

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cryptocurrency laundering service Bestmixer.io taken down

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