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Criminal, cryptocurrency and money laundering service ChipMixer has been shut down following an international law enforcement effort led by the US Department of Justice (DoJ).
The cryptocurrency service for cybercriminals, according to the charges, has laundered more than $3 billion in illicit funds since 2017 for a list of malicious actors engaged in ransomware, fraud and more. Minh Quc Nguyn (49) of Hanoi, Vietnam, is accused of operating the illicit ChipMixer service, the DoJ added.
Cryptocurrency mixing involves the use of cryptocurrency pools to make tracking electronic transactions nearly impossible, so it’s perfect for money laundering. It has become a common service used by cybercriminals, especially as more and more governments regulate cryptocurrency exchanges.
“Today’s announcement demonstrates the FBI’s commitment to dismantling the technical infrastructure that allows cybercriminals and nation-state actors to illegally launder cryptocurrency funds,” the FBI Deputy Director said. , Paul Abbate, in a statement on the dismantling of ChipMixer. “We will not allow cybercriminals to hide behind keyboards or escape the consequences of their illegal actions.”
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