German authorities have shut down 47 platforms that facilitated anonymous cryptocurrency transactions for criminal activities. The platforms violated anti-money laundering regulations, allowing cybercriminals to trade digital currencies without verifying their identities. The shutdowns are part of a series of operations aimed at dismantling major cybercrime networks, with user and transaction data seized for further investigation.
According to a statement from the Federal Criminal Police Office (BKA), these services allow users to exchange between traditional currencies and cryptocurrencies without having to go through a registration or identity verification process, violating the âknow your customerâ (KYC) principle.
This setup has been exploited by a variety of cybercriminal groups, including ransomware operators and dark web traders. Authorities stressed that âthese services provide the ability to exchange cryptocurrencies quickly, easily and anonymously, in order to conceal the origin of these assets.â
In addition to shutting down the platforms, authorities also seized user and transaction data, which will aid in future investigations.
The announcement also noted that Germany has made significant progress in disrupting cybercrime infrastructure. The seizure of Chipmixer, one of the major dark web cryptocurrency mixing services in 2023, recovered approximately âŹ90 million. Other operations include the takedown of Kingdom Market and the destruction of malware such as Qakbot and Emotet, which have caused hundreds of millions of euros in damage globally. The international operation âEndgameâ in 2024 will continue to focus on destroying major malware networks and their financial assets, in order to weaken the financial capabilities of cybercriminals.
