Dutch, Luxembourg authorities and Europol shuts down one of the three largest cryptocurrency tumblers, as reported by Europol on May 22.
Also dubbed as a cryptocurrency mixing service, a cryptocurrency tumbler is basically an anonymity tool that claims to convert non-private coins transaction into private ones by mixing crypto funds with others, subsequently making the funds’ original source difficult to track.
As per the report, up till now the Dutch Fiscal Information and Investigation Service (FIOD) has seized six servers of major crypto tumbler Bestmixer.io. Reportedly Bestmixer.io. quotes a turnover of at least $200 million since its launch in May 2018. Purportedly one of the three largest mixing services for cryptocurrencies such as bitcoin (BTC), litecoin (LTC), bitcoin cash (BCH) among others.
The FIOD initiates an investigation in June 2018 along with Europol and Luxembourg authorities. The trio has banned the platform after figuring out that a large number of mixed coins on Bestmixer, were allegedly from criminal sources and was employed for money laundering or illegal financing.
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