Authorities Seize $46 Million in Crypto from ChipMixer

March 15, 2023

MCP News Free

Authorities Seize $46 Million in Crypto from ChipMixer

German and US officials in collaboration with Europol have seized crypto worth over $46 million from ChipMixer, a Bitcoin mixer, Europol announced on Wednesday.

In addition to the seizure, the platform’s infrastructure has been shut down by US officials, according to the release, the mixing tool is used in money laundering activities and four servers, about 1,909 BTC in 55 transactions and 7 TB of data have been seized.

The authorities of countries involved in the investigation are the Belgium Federal Police, the German Federal Criminal Police Office, the Poland Central Cybercrime Bureau, the Switzerland Cantonal Police of Zurich, USA – Federal Bureau of Investigation, Homeland Security Investigation, Department of Justice.

ChipMixer is a crypto mixer launched in 2017, and hitherto, it is yet to be licensed, the tool is used in mixing or cutting trials related to crypto assets. Usually, ChipMixer works by blocking blockchain trials of funds, which is why it is used to launder illegal proceeds from criminal activities such as drug trafficking, weapons trafficking, ransomware attacks, and payment card fraud. Money deposited will be turned into “chips”, a small token with equivalent value, which will eventually be mixed together leading to all trials in which initial funds were deposited not being traceable.

ChipMixer is used both on the clear and darkweb and offers full anonymity to their customers.

According to the release, Ransomware actors such as Zeppelin, SunCrypt, Mamba, Dharma or Lockbit have used the mixer to launder ransome payments they have received.

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