Saturday, November 2, 2024
HomeBitcoinCryptocurrency Mixing Service BestMixer.io Shut Down by Authorities for Laundering Over $200...

Cryptocurrency Mixing Service BestMixer.io Shut Down by Authorities for Laundering Over $200 Million

Published on

Malware protection

Authorities shut down leading cryptocurrency mixing service Bestmixer.io, for offering money laundering service.

The mixing service allows attackers to mix the Bitcoins earned through ransom payments hundreds of smaller transactions and mixes different transactions from other sources for obfuscation.

As a result of the joint operation between FIOD and Europol, the world’s leading cryptocurrency Mixing Service was taken down. It offers services for mixing cryptocurrencies such as bitcoins, bitcoin cash, and litecoins.

- Advertisement - SIEM as a Service

“The investigation gathered information regarding transactions between customers and Bestmixer.io. The customers are located all over the world, especially in the US, Germany and the Netherlands,” reads FIOD press release.

The service hides the origin or destination of cryptocurrencies by splitting up the and after they mixed it with different combinations and sent to the destination accounts by cutting the commission payments.

Cryptocurrency Mixing

Earlier in June 2018, FIOD, along with the support of McAfee seized six serves belongs to the mixer service in the Netherlands and Luxembourg.

Generally, users use mixing services to increase the anonymity, but the “according to the investigation it reveals many of the mixed cryptocurrencies have a criminal origin or destination and the mixer used to conceal and launder criminal flows of money.” says FIOD.

By using these cryptocurrencies, Mixing Service attackers can split the ransom payments received from victims, which makes the tracking process more difficult. The company achieved a turnover of at least $200 million within a year.

This is the first ever shut down of cryptocurrency mixer service shut down by the authorities, “the operation against Bestmixer.io is a significant and important step in the fight against criminal flows of money in general and virtual criminal flows of money in particular,” reads FIOD press release.

You can follow us on Linkedin, Twitter, Facebook for daily Cybersecurity updates also you can take the Best Cybersecurity courses online to keep your self-updated.

Also read

Bithumb Hacked – Hackers Transferred $20 Million Worth Cryptocurrencies From Bithumb Wallet

BitGrail Cryptocurrency Exchange Hacked & Stolen $170 Million in Nano

Gurubaran
Gurubaran
Gurubaran is a co-founder of Cyber Security News and GBHackers On Security. He has 10+ years of experience as a Security Consultant, Editor, and Analyst in cybersecurity, technology, and communications.

Latest articles

LightSpy iOS Malware Enhanced with 28 New Destructive Plugins

The LightSpy threat actor exploited publicly available vulnerabilities and jailbreak kits to compromise iOS...

ATPC Cyber Forum to Focus on Next Generation Cybersecurity and Artificial Intelligence Issues

White House National Cyber Director, CEOs, Key Financial Services Companies, Congressional and Executive Branch...

New PySilon RAT Abusing Discord Platform to Maintain Persistence

Cybersecurity experts have identified a new Remote Access Trojan (RAT) named PySilon. This Trojan...

Konni APT Hackers Attacking Organizations with New Spear-Phishing Tactics

The notorious Konni Advanced Persistent Threat (APT) group has intensified its cyber assault on...

Free Webinar

Protect Websites & APIs from Malware Attack

Malware targeting customer-facing websites and API applications poses significant risks, including compliance violations, defacements, and even blacklisting.

Join us for an insightful webinar featuring Vivek Gopalan, VP of Products at Indusface, as he shares effective strategies for safeguarding websites and APIs against malware.

Discussion points

Scan DOM, internal links, and JavaScript libraries for hidden malware.
Detect website defacements in real time.
Protect your brand by monitoring for potential blacklisting.
Prevent malware from infiltrating your server and cloud infrastructure.

More like this

LightSpy iOS Malware Enhanced with 28 New Destructive Plugins

The LightSpy threat actor exploited publicly available vulnerabilities and jailbreak kits to compromise iOS...

New PySilon RAT Abusing Discord Platform to Maintain Persistence

Cybersecurity experts have identified a new Remote Access Trojan (RAT) named PySilon. This Trojan...

Konni APT Hackers Attacking Organizations with New Spear-Phishing Tactics

The notorious Konni Advanced Persistent Threat (APT) group has intensified its cyber assault on...