CyberNews Briefs

Bestmixer seized by police for washing $200 million in tainted cryptocurrency clean

Europol together with Dutch and Luxembourg authorities seized Bestmixer.io on Wednesday because they believe the “world’s leading cryptocurrency mixing service” has laundered over $200 million in cryptocurrency linked to criminal activities. Bestmixer.io had been operating for about one year when it was shut down.

By “mixing” cryptocurrencies from multiple sources and then redistributing the funds among the owners, services like Bestmixer.io can hide the origin of crypto streams. This principle isn’t necessary illegal, but in practice it only benefits criminals trying to launder tainted funds. Europol explained that “the investigation so far into this case has shown that many of the mixed cryptocurrencies on Bestmixer.io had a criminal origin or destination,” and that “in these cases, the mixer was probably used to conceal and launder criminal flows of money.”

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