Germany’s public prosecutor announced on Thursday the closure of 47 exchange platforms suspected of facilitating illegal operations. These platforms were reportedly used for trading both traditional and cryptocurrencies, enabling anonymous transactions without registration or identity verification.

Authorities allege that the operators of these exchanges were involved in concealing the illicit origins of substantial sums of money, failing to adhere to anti-money laundering regulations.

The exchanges are said to have catered to clients involved in ransomware attacks, darknet sales, and botnet operations, allowing them to launder ransom payments and other criminal proceeds into the mainstream financial system.

In a related context, authorities in Saxony recently reported the seizure of nearly 50,000 Bitcoin, valued at approximately $2.2 billion at the time. This seizure was linked to the operators of Movie2k.to, a film piracy site, and marked the largest cryptocurrency seizure in Germany’s history. The Bitcoin was transferred to a wallet controlled by Germany’s Federal Criminal Police Office.

Following the seizure, the government sold off hundreds of millions of dollars in Bitcoin, which contributed to significant downward pressure on its market value. By July 2024, Germany had entirely liquidated its Bitcoin holdings, concluding with the sale of 3,846 Bitcoins.

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