Germany shuts down 47 cryptocurrency exchanges used for money laundering by cybercriminals

German Federal Police (BKA) and Central Cybercrime Office (ZIT) successfully shut down 47 cryptocurrency exchanges used for money laundering by cybercriminals

Closed exchanges allowed users to exchange cryptocurrencies without registration and identity verification (KYC). This facilitated the anonymous exchange of funds and their origin. The main users of these platforms were cybercriminals: ransomware groups, darknet merchants, and botnet operators. German law enforcement officers were able to seize a large amount of user and transaction data, which will become the basis for further investigations. Also, these actions undermined the infrastructure of cybercriminals who used these exchanges to legalize illegal funds.

The closure of these exchanges has significantly undermined the financial capabilities of cybercriminals and will further weaken their infrastructure. The German police will continue to use such measures to fight cybercrime and money laundering.