The Dutch Fiscal Information and Investigation Services (FIOD) in association with Europol and Luxembourg police have cracked down on Bestmixer, one of the largest cryptocurrency mixing services in the world.
Mixing is a process whereby one can necessarily throw in tainted funds that are identifiable with criminal activity and receive untainted coins to obscure the trail.
Authorities Ramp up AML Busts
A crypto tumbler or mixer has been a considerable part of the controversy surrounding money laundering in cryptocurrency. Bitcoin and a vast majority of altcoins have public ledgers that help track funds, inducing a high level of transparency all the while concealing direct identity through alphanumeric addresses.
Mixers allow cryptocurrencies that are tracked by authorities for…