News

Report: European Entities Shut Down Bestmixer.io’s Crypto Mixing Services

Published

on

.

Last modified

on

FIOD shuts down Bestmixer.io

The Dutch Fiscal Information and Investigation Service (FIOD) has shut down Bestmixer.io. The agency did this by working with Europol and Luxembourg authorities. The platform offered crypto mixing services. These involve changing the transactions of non-private crypto coins to private ones by mixing crypto funds with others. In so doing, the original source of funds becomes difficult to trace. As a result, the past record of any crypto coin is wiped off making it clean.

According to a report, FIOD seized six of the crypto mixer’s servers in the Netherlands and Luxembourg.

Bestmixer.io Cleaned Crypto Worth Millions of Dollars

Bestmixer.io was one of the leading crypto mixers in the world. Europol notes that the service went live in May last year. Since then, the company raked in $200 million in profits. In return, it promised its users anonymity. The service dealt with coins such as BTC, BCH and LTC.

FIOD started the probe on the platform in June last year. The Dutch anti-fraud entity worked closely with McAfee. Reportedly, FIOD gathered data on all activities on the platform. This data includes IP addresses, bitcoin addresses and chat messages.

The official announcement noted,

The investigation so far into this case has shown that many of the mixed cryptocurrencies on Bestmixer.io had a criminal origin or destination. In these cases, the mixer was probably used to conceal and launder criminal flows of money,

Bestmixer.io’s is Non-functional

Europol also noted that shutting down Bestmixer was the first legal enforcement action against a crypto mixer. As at the time of writing, the platform’s site is not functional.

The site has a message that states,

This service has been seized by the Dutch Financial Criminal Investigation Service (FIOD) under the authority of the Dutch prosecutor’s office.

FIOD added,

You are not anonymous.

Europol said that it aims to analyze the data before sharing it with other countries.

Although FIOD has seized Bestmixer.io, there are other crypto mixing services that are still operational. These include Chipmixer, Bitmix.biz and Bitblender. This news comes while criminals around the globe continue using crypto to hide their transactions. This issue has challenged financial watchdogs in different states. As a result, they have come up with different ways to address this problem.

For instance, the finance committee of France’s National Assembly suggested a complete ban of privacy-focused coins. On the other hand, Europol and German authorities seized the servers of a darknet marketplace. This seizure saw the authorities confiscate six figures worth of crypto from the arrested suspect.

Do you think the shutting down of Bestmixer.io will affect crypto prices? Let us know in the comments below.

Trending