Germany Seizes 47 Crypto Exchanges Used By Ransomware Gangs
German law enforcement seized 47 cryptocurrency exchange services “that facilitated illegal money laundering activities for cybercriminals,” according to BleepingComputer, “including ransomware gangs.”
Long-time Slashdot reader Arrogant-Bastard shares their report:
The platforms allowed users to exchange cryptocurrencies without following applicable “Know Your Customer” regulations, meaning that users remained completely anonymous when making transactions. This created a low-risk environment for cybercriminals to launder their proceeds without fearing prosecution or being tracked. “Exchange services that enable such anonymous financial transactions and thus money laundering represent one of the most relevant building blocks in the criminal value chain of the cybercrime phenomenon,” reads a Federal Criminal Police Office (BKA) announcement…
When visiting any of the seized exchanges, you are now redirected to a warning page titled “Operation Final Exchange,” which warns visitors that they have been deceived by the promises of anonymity by the operators of these platforms.
The new site notes years-long promises from the exchanges “that their hosting cannot be found, that they do not store any customer data and that all data is deleted immediately after the transaction…
“We have found their servers and seized them — development servers, production servers, backup servers. We have their data — and therefore we have your data. Transactions, registration data, IP addresses.
“Our search for traces begins. See you soon.”
Read more of this story at Slashdot.
German law enforcement seized 47 cryptocurrency exchange services “that facilitated illegal money laundering activities for cybercriminals,” according to BleepingComputer, “including ransomware gangs.”
Long-time Slashdot reader Arrogant-Bastard shares their report:
The platforms allowed users to exchange cryptocurrencies without following applicable “Know Your Customer” regulations, meaning that users remained completely anonymous when making transactions. This created a low-risk environment for cybercriminals to launder their proceeds without fearing prosecution or being tracked. “Exchange services that enable such anonymous financial transactions and thus money laundering represent one of the most relevant building blocks in the criminal value chain of the cybercrime phenomenon,” reads a Federal Criminal Police Office (BKA) announcement…
When visiting any of the seized exchanges, you are now redirected to a warning page titled “Operation Final Exchange,” which warns visitors that they have been deceived by the promises of anonymity by the operators of these platforms.
The new site notes years-long promises from the exchanges “that their hosting cannot be found, that they do not store any customer data and that all data is deleted immediately after the transaction…
“We have found their servers and seized them — development servers, production servers, backup servers. We have their data — and therefore we have your data. Transactions, registration data, IP addresses.
“Our search for traces begins. See you soon.”
Read more of this story at Slashdot.