The post Crypto Crackdown: Germany Authority Closed 47 Crypto Exchanges Used by Ransomware Gangs appeared first on Coinpedia Fintech News

German authorities seized 47 cryptocurrency exchange platforms helping criminals, including ransomware gangs, to launder money. These exchanges let users trade cryptocurrencies without following the “Know Your Customer” (KYC) rules, allowing them to remain anonymous during transactions. This anonymity made it easier for cybercriminals to hide their illegal profits.

Law Enforcement’s Major Move

The Federal Criminal Police Office (BKA) explained that these anonymous exchanges played a key role in cybercrime. Criminals like ransomware groups, darknet dealers, and botnet operators used these platforms to turn their illegal earnings into regular currency, making it hard for law enforcement to track them.

In a statement, the BKA said: “Services that allow anonymous financial transactions are a major part of the criminal value chain.” This shows how important it was to stop these platforms from fighting cybercrime effectively.

False Promises of Anonymity

As part of “Operation Final Exchange,” people visiting the seized websites are now redirected to a warning page. This page explains that the exchanges had been lying to users, promising complete anonymity and claiming they did not store any customer data. 

The message from the authorities states: “We have found their servers and seized them. We now have your data – transactions, registration details, and IP addresses.”

Next Steps: More Arrests Expected

With access to all the data from these platforms, German authorities plan to continue their investigation, which may lead to the arrest of more cyber criminals. The operators of the seized exchanges are now facing serious charges, including money laundering and running illegal trading platforms, which could result in long prison sentences under German law.

German Govt Bitcoin Holding 

Being one of the largest Bitcoin holders, the German govt has sold nearly 50,000 Bitcoin, valued at $3.15 billion at current prices. The Bitcoin was originally seized in 2020 from the piracy website Movie2k.to.