European Agencies Shut Bestmixer.io’s Crypto Mixing Service

The Dutch Fiscal Information and Investigation Service (FIOD), along with Europol and Luxembourg authorities, has closed down the cryptocurrency mixing services of Bestmixer.io.

According to the May 22 announcement, the agencies have seized six servers of the mixing service provider in the Netherlands and Luxembourg.

Cryptocurrency mixing or tumbler services shake up the transaction data of non-private coins to make the transaction sources untraceable, resembling transaction with a privacy-oriented digital currency. These services clear the record of any digital asset that was involved in illegal or shady activity, making them clean.

Cleaning hundreds of millions worth crypto

Bestmixer.io was one of the three largest cryptocurrency tumblers available in the market. According to Europol, its service started in May 2018, and since then registered $200 million in revenue. The platform provided mixing services with major digital currencies including Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Bitcoin Cash, and Litecoin

The investigation against Bestmixer.io was initiated in June last year by the Dutch anti-fraud agency with support from cyber security company McAfee. FIOD has gathered information on all the interactions on this platform in the past year, including data of IP-addresses, transaction details, Bitcoin addresses, and chat messages.

“The investigation so far into this case has shown that many of the mixed Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term on Bestmixer.io had a criminal origin or destination. In these cases, the mixer was probably used to conceal and launder criminal flows of money,” the announcement stated.

Bestmixer.io’s website also put up a notice about the seizer of its services.

Despite the shut down of Bestmixer.io, a number of crypto tumbler services including ChipMixer, BitMix.Biz, and BitBlender are still operating.

Cryptocurrencies have become the preferred means of extortion by cybercriminals and regulators all around the world are getting alarmed. Earlier this year, the Finance Committee of France’s National Assembly recommended a complete ban on privacy coins to curb illegal dealings.