Germany seizes 47 crypto exchanges tied to ‘underground economy’
German authorities sent a loud and clear message to criminal users of the exchanges: We found their servers and have your data — see you soon.
The German government has just shuttered 47 cryptocurrency exchanges, accusing them of knowingly allowing an “underground economy” for cybercriminals to flourish, and is now turning its attention to its potentially criminal users.
“[They have been] deliberately concealing the origin of criminally obtained funds on a large scale through inadequate implementation of legal requirements for combating money laundering,” Germany’s federal criminal police office, Frankfurt’s main prosecutor’s office and the country’s office for combatting cybercrime alleged in a Sept. 19 statement.
The authorities allege their users include ransomware, botnet operators, and black market traders who use the services to convert money obtained through criminal means into the “regular currency cycle.”
German authorities sent a loud and clear message to criminal users of the exchanges: We found their servers and have your data — see you soon.
The German government has just shuttered 47 cryptocurrency exchanges, accusing them of knowingly allowing an “underground economy” for cybercriminals to flourish, and is now turning its attention to its potentially criminal users. “[They have been] deliberately concealing the origin of criminally obtained funds on a large scale through inadequate implementation of legal requirements for combating money laundering,” Germany’s federal criminal police office, Frankfurt’s main prosecutor’s office and the country’s office for combatting cybercrime alleged in a Sept. 19 statement. The authorities allege their users include ransomware, botnet operators, and black market traders who use the services to convert money obtained through criminal means into the “regular currency cycle.”Read more