![US, German Shut Down ChipMixer Tied to $3 Billion in Crypto laundering US, German Shut Down ChipMixer Tied to $3 Billion in Crypto laundering](https://mynews24x7.in/wp-content/uploads/2023/03/GettyImages-803354590-1260x916.jpg)
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![US, Germany shut ChipMixer for alleged ties to US$3 bln crypto laundering 1 DOJ Logo](https://forkast.news/wp-content/uploads/2023/03/GettyImages-803354590-1260x916.jpg)
Image: Mark Wilson / Getty Image
U.S. and German authorities introduced Wednesday that they’ve shuttered ChipMixer, a cryptocurrency service that allegedly laundered greater than US$3 billion in crypto since 2017.
See associated tales: US$4B in money laundering happened on DEXs, bridges and coin swaps: Elliptic
Fast info
- ChipMixer has been used to launder greater than US$3 billion in illicit transactions by ransomware teams, suspected North Korean hackers, and darknet market customers since 2017, said the U.S. Department of Justice (DOJ).
- Authorities from Germany and the U.S. have seized as much as US$46.3 million in crypto from ChipMixer, according to the European Union Agency for Law Enforcement Cooperation (Europol).
- ChipMixer, an unlicensed crypto mixer created in mid-2017, specialised in mixing or slicing trails associated to digital foreign money property, Europol stated. Coin mixers like ChipMixer allegedly allowed criminals to obfuscate the supply of stolen cryptocurrency.
- The platform processed US$700 million in stolen funds in connection to 2 North Korean cyberattacks towards the net sport Axie Infinity and Horizon Bridge, stated the DOJ.
- U.S. prosecutors in Philadelphia charged Minh Quốc Nguyễn, a 49-year-old from Vietnam, for working an unlicensed money-transmitting enterprise and identification theft.
- In May 2022, the U.S. Treasury Department imposed sanctions on digital foreign money mixer Blender.io, accusing it of supporting North Korea’s money-laundering operations. In August of the identical 12 months, Tornado Cash was additionally sanctioned for allegedly laundering digital foreign money price US$7 billion.
See associated story: India imposes money laundering regulations on crypto industry
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