Germany Shuts Down 47 Illegal Crypto Exchanges in Major Crackdown on Cybercrime

Germany federal police and prosecutors have shut down 47 illegal crypto exchanges linked to laundering operations. Authorities have seized servers with transaction data, warning cybercriminals that investigations are underway.

In a sweeping move to combat illicit cryptocurrency activity, German authorities have shut down 47 crypto exchanges allegedly involved in underground financial operations. These platforms were reportedly used by cybercriminals to launder illegal funds, bypassing anti-money laundering (AML) laws. The crackdown was announced on September 19th, in a joint statement issued by Germany’s federal criminal police, Frankfurt’s prosecutor’s office, and the cybercrime office.

Warning Issued to Users of Illegal Exchanges

German authorities have seized the servers of these illegal exchanges, including their development, production, and backup systems. This means that they now have access to critical transaction data, registration details, and the IP addresses of users involved. The authorities have issued a stern warning: “We found your data. Our investigation begins now. See you soon.”

International Prosecution Challenges

While the authorities are committed to bringing all involved to justice, they acknowledge the difficulties posed by the international nature of cybercrime. Many of the exchanges’ users are based in countries where cybercriminal activities are tolerated or even protected, which could complicate prosecution efforts. However, with over 410,000 users tied to just one of the seized platforms, Xchange.cash, the crackdown is expected to have a significant global impact.

Seized Exchanges and Their Role in Cybercrime

Platforms like 60cek.org, Baksman.com, and Prostocash.com were among the exchanges targeted. These platforms reportedly enabled criminals to convert illegal funds into regular currencies. One of the most prominent exchanges, Xchange.cash, had been operating since 2012 and facilitated over 1.3 million transactions. The closure of these exchanges represents a major blow to the global cybercrime economy.

Germany’s Recent Bitcoin Sell-Off

In a related development, Germany recently sold off nearly 50,000 Bitcoin seized in 2020 from the piracy site Movie2k.to. The sale, which occurred between July and August, was valued at approximately $3.15 billion. This move further underscores Germany’s commitment to dismantling criminal profits tied to cybercrime.

Conclusion

Germany’s crackdown on illegal crypto exchanges and its recent Bitcoin sell-off sends a strong message to cybercriminals worldwide: there is no safe haven for those using cryptocurrencies for illegal activities.

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