Authorities Seize Millions from Illegal Cryptocurrency Mixer Chipmixer !

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The entire cryptocurrency field and market have become such a topic that every now and then there is a different story related to it, and unfortunately, most of the times, it is negative. But the fact we all need to consider is that there is negativity in every field that exists, and the good part of it is also something we need to focus on, rather than just highlighting the negative ones. Surely those things must also be discussed equally, as they do portray a very nice picture of the entire scenario.

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Just yesterday, I wrote an article about similar news about the crypto market. It was about the UK Government putting regulations in place or planning to put them into place for cryptocurrencies, as well as withdrawing support and services for its UK customers.

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Just the next day, I have another bad news from the crypto sphere, which can also be considered good news in some sense, but whatever it is, it is quite a serious one. Some authorities from Germany and the United States have seized more than 45 million euros, approximately 47 million US dollars, from Chipmixer, a noted cryptocurrency mixer. A major raid has been done on the platform's infrastructure, which included seizing a lot of things they had in position, like very huge amounts of data within their servers, as well as around 48 million dollars worth of Bitcoins, which is almost about 2000 Bitcoins. Countries like Belgium, Poland, and Switzerland also participated in this seizure, as well as raiding the infrastructure of Chipmixer in the operation done by Germany and the US.

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What Chipmixer used to do is hide the trail of its clients and platform users, as well as the criminal exploits they used to do, which included things like weapon trafficking, ransomware tax, and even serious things like drug and child trafficking. It is a very serious issue that has been going on for a long time, and it's fortunate enough that they have been nabbed, and their services and operations have now been stopped by the authorities.

What Are Crypto Mixers ?

If you don't know what cryptocurrency or chip mixers are then, basically these are some tools that allow users to increase the level of anonymity and privacy on the platform while using cryptocurrencies. These services redistribute the tokens given to them, putting them into different other coins, ultimately resulting in obscuring the original source. The services aim to provide some difficulty in tracing the actual location or username or any details about the person behind all of this.

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The statistics that Europol has been sharing about Chipmixer are unbelievable. They believe that Chipmixer has been involved in laundering over 150,000 Bitcoins, which is worth around 4 billion US dollars, and all of this was involved in illegal practices such as drug trafficking, as well as being linked to some ransomware groups.

Obviously, there are many negatives to cryptocurrency, and people like these do exploit these kinds of loopholes. All of this is basically making the image of cryptocurrency a bit bad in front of a lot of people who have never been in touch or have any idea about what cryptocurrency is. What they get from these kinds of things is that it is something related to something illegal.

But, as I already said, everything in this world has its negative aspect, but the thing that is getting highlighted is definitely going to set an image about anything in particular.



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Sayu

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