đš Germany SEIZES 47 EXCHANGES Linked to âUnderground Economyâ!
German authorities have taken down 47 cryptocurrency exchanges accused of enabling an underground economy for cybercriminals, signaling a major crackdown on illicit crypto activity. In a statement issued on Sept. 19, Germanyâs federal criminal police and cybercrime agencies accused these platforms of facilitating money laundering on a large scale by failing to enforce anti-money laundering laws.
The exchanges were allegedly used by ransomware operators, botnet controllers, and black market traders to funnel illegally obtained funds into legitimate financial systems. One of the exchanges, Xchange.cash, was reportedly active since 2012, processing nearly 1.3 million transactions for over 410,000 users.
Germany's government posted a stern message on the seized exchanges' websites: âWe have found their servers and seized them. We have their dataâtransactions, registration data, IP addresses. Our search for traces begins. See you soon.â
However, authorities admitted that prosecuting all the users may be challenging due to many cybercriminals residing in countries that shield them from German law enforcement.
Among the platforms seized were 60cek.org, Baksman.com, and Prostocash.com, all significant players in the underground crypto space. While a broad crackdown may not be feasible, Germanyâs move sends a clear message to criminals using these exchanges.
This is not Germanyâs first major action in the crypto space. Earlier this year, the German government, once one of the largest Bitcoin holders, sold off 50,000 BTC worth $3.15 billion, funds seized from piracy site Movie2k.to back in 2020.
I guess that could be a new way for Germany to obtain more crypto after the ridiculous sell-off. đ
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