The German government has shut down 47 cryptocurrency exchanges, accusing them of allowing a “shadow economy” for cybercrime to flourish. 🚨

- The exchanges were accused of hiding the origins of large-scale criminal proceeds.

- Users included ransomware, botnets, and black market traders.

- The websites of the seized exchanges displayed warnings from the German government.

- Germany may not prosecute broadly because many crimes are committed overseas.

One of the seized exchanges, Xchange.cash, had been operating since 2012 with 1.3 million transactions for 410,000 users.

Germany was once one of the world’s largest holders of Bitcoin, but sold nearly 50,000 BTC worth $3.15 billion in June and July.

What do you think of Germany’s move? Comment below! 💬#CryptoNews#Bitcoin #Blockchain