Germany seized:
Germany Crypto Money Laundering shut down 47 cryptocurrency exchanges on charges of money laundering and facilitating illegal activities. These exchanges allegedly allowed users to transact anonymously, violating anti-money laundering laws and the "know your customer" principle. This means that cybercriminals, including ransomware groups and darknet traders, can use these platforms to convert illicit funds into regular currency without being tracked.
Crypto activities:
German authorities, including the Federal Criminal Police Office and the Central Office for Combating Internet Crime, seized the exchanges' servers and secured extensive user and transaction data. The action is part of Germany's intensified effort to combat illegal crypto activities.
•Some of the notable exchanges that were closed include
• Xchange.cash_: with over 410,000 users and 1.3 million transactions
• 60cek.org with over 300,000 users and 900,000 transactions
• Bucksman.com with over 280,000 users and 750,000 transactions
The operators of these exchanges are accused of money laundering and running illegal trading platforms, which can result in prison sentences of several years. However, prosecuting cyber criminals can be challenging because many live abroad and are protected by their state of residence
