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Europol seizes $46M from crypto mixer after $2.88B allegedly laundered

Europol seizes $46M from crypto mixer after $2.88B allegedly laundered

According to The European Union Agency for Law Enforcement Cooperation, commonly known as Europol, on March 15, the agency seized assets of cryptocurrency mixer ChipMixer for its alleged involvement in money laundering activities. Total assets seized include 1,909.4 Bitcoin (BTC) in 55 transactions amounting to 44.2 million euros ($46 million).

ChipMixer website after law enforcement seizure. Source: Europol

In addition, the ChipMixer website has been shut down after authorities seized four servers hosting the application. Europol claims that the application laundered over 2.73 billion euros since its inception in 2017. According to law enforcement officials:

“ChipMixer, an unlicensed cryptocurrency mixer set up in mid-2017, was specialised 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.”

This is a breaking news story and will be updated accordingly.