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Bestmixer Seized by Police for Washing $200 Million in Tainted Cryptocurrency Clean:
Bestmixer.io has been seized and shut down by European police for reportedly laundering over $200 million in cryptocurrency.
On Wednesday, Europol, the Dutch Fiscal Information and Investigation Service (FIOD), and Luxembourg authorities said six servers used to facilitate the service were seized in the Netherlands and Luxembourg.
Bestmixer launched in May 2018. Only a month later, police began investigating the mixing service and found that over the course of one year, the "world's leading cryptocurrency mixing service" had managed to launder at least $200 million in cryptocurrency on behalf of customers.
[...] The service was able to mix Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC). By "mixing" these tainted coins with others, it is possible to clean up funds and eradicate ties to criminal activities written in the blockchain ledger in a process also known as "washing."
[...] A commission is then taken from the original sum before the funds are diverted to another output address, free of ledger entries which may criminalize the owners.
McAfee assisted in the investigation and has published a blog post about it.
Also at: Security Week
(Score: 0) by Anonymous Coward on Monday May 27 2019, @12:38PM (1 child)
It's not necessarily the person who wants to launder his money, its the launderer as well. It's like aiding and abetting criminals.
E.g. your buddy steals a car, you sell it as a regular car in your garage and give him part of the money. You laundered the stolen car into clean cash. You are also aiding criminal activity of stealing cars, you may not have stolen a car, like the getaway driver didn't rob the bank but surely was complicit.
When the launderers clean money, they are doing the same/similar.
(Score: 2) by All Your Lawn Are Belong To Us on Tuesday May 28 2019, @04:47PM
It's not like aiding and abetting. It is aiding and abetting, by intentionally providing a route for ill gotten gains to be accepted by the rest of the financial system which otherwise would have a duty to report or question it.
This sig for rent.