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Home » Germany Takes Control of 47 Cryptocurrency Exchanges Linked to Shadow Economy
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Germany Takes Control of 47 Cryptocurrency Exchanges Linked to Shadow Economy

2024-09-20No Comments2 Mins Read
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Germany Takes Control of 47 Cryptocurrency Exchanges Linked to Shadow Economy
Germany Takes Control of 47 Cryptocurrency Exchanges Linked to Shadow Economy
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The German government has taken decisive action against 47 cryptocurrency exchanges that it believes have facilitated an underground economy for cybercriminals. The government has accused these exchanges of intentionally concealing the origin of illegally obtained funds and failing to meet legal requirements for combatting money laundering. As a result, the authorities have shut down these platforms and are now focusing on the potentially criminal users.

The users of these exchanges are alleged to include individuals involved in ransomware attacks, botnet operations, and black market trading. They utilize these platforms to convert their ill-gotten gains into regular currency, allowing them to further engage in criminal activities. In a clear warning to users, the German government states that it has seized the servers of these exchanges and now has access to users’ transaction records, registration data, and IP addresses.

While the authorities acknowledge that prosecuting these criminals on a large scale may be challenging due to their residence in other countries, they are committed to taking action against them. Many cybercriminals find refuge in countries that tolerate or protect them, making it difficult for German law enforcement to bring them to justice.

One of the seized exchanges, Xchange.cash, has been operating since 2012 and has facilitated nearly 1.3 million transactions for 410,000 users. Other prominent platforms that have been shut down include 60cek.org, Baksman.com, and Prostocash.com, all of which had a significant user base and transaction volume.

In a surprising turn of events, the German government, which was once one of the largest holders of Bitcoin in the world, recently sold off nearly 50,000 Bitcoin worth $3.15 billion. These funds were originally seized from the piracy site Movie2k.to in 2020. The government’s decision to divest itself of these assets underscores its commitment to combatting illegal activities and ensuring the integrity of the financial system.

Overall, the German government’s crackdown on cryptocurrency exchanges involved in facilitating cybercrime demonstrates its determination to tackle illicit activities in the digital realm. By shutting down these platforms and targeting their users, Germany aims to disrupt the underground economy and hold criminals accountable for their actions.

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