Crypto exchange services associated with cybercrime are closed in Germany.
The Frankfurt am Main Public Prosecutor’s Office and the Federal Criminal Police Office (BKA) “have shut down 47 exchange services hosted in Germany that were being used for criminal purposes.”
According to the BKA, “these were platforms on which conventional currencies and cryptocurrencies could be exchanged.” The announcement details, as translated by Google:
The police noted that different cybercrime groups, including ransomware operators and darknet traders, took use of this setup, stressing: “The offer was aimed at exchanging cryptocurrencies for other crypto or digital currencies quickly, easily, and anonymously in order to conceal their origin.”
Furthermore, these platforms provided the police with user and transaction data that will aid in their future investigations.
The announcement highlights the noteworthy progress made by German law enforcement in dismantling cybercrime infrastructures. A significant darknet cryptocurrency mixer, Chipmixer, was seized in 2023; as a result, €90 million was recovered. Additional activities include the takedown of Kingdom Market and the elimination of malware such as Qakbot and Emotet, which caused damages totaling hundreds of millions of euros worldwide. The goal of the global operation “Endgame” in 2024 was to destroy large malware networks and the financial resources they possessed in order to further impair the financial resources of hackers.
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