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Discussion in 'Bitcoin and Cryptocurrency' started by Brawny, Jun 2, 2019.
Did anyone see this in the News in the past couple weeks?
Nope I think you're the only local
Bestmixer seized by police for washing $200 million in tainted cryptocurrency clean | ZDNet
Makes you wonder at what point Bitcoin mixing is illegal?
I know some people mix Bitcoin obtained from legal means to help dissipate some of the trail left behind from the original purchase. Since those funds were technically acquired legally, then is mixing even illegal?
MULTI-MILLION EURO CRYPTOCURRENCY LAUNDERING SERVICE BESTMIXER.IO TAKEN DOWN
22 May 2019
First law enforcement action of its kind against such a cryptocurrency mixer service
Today, the Dutch Fiscal Information and Investigation Service (FIOD), in close cooperation with Europol and the authorities in Luxembourg, clamped down on one of the world’s leading cryptocurrency mixing service Bestmixer.io.
Initiated back in June 2018 by the FIOD with the support of the internet security company McAfee, this investigation resulted in the seizure of six servers in the Netherlands and Luxembourg.
ONE OF THE LARGEST MIXING SERVICES
Bestmixer.io was one of the three largest mixing services for cryptocurrencies and offered services for mixing the cryptocurrencies bitcoins, bitcoin cash and litecoins. The service started in May 2018 and achieved a turnover of at least $200 million (approx. 27,000 bitcoins) in a year’s time and guaranteed that the customers would remain anonymous.
NATURE OF THE SERVICE
A cryptocurrency tumbler or cryptocurrency mixing service is a service offered to mix potentially identifiable or 'tainted' cryptocurrency funds with others, so as to obscure the trail back to the fund's original source.
The investigation so far into this case has shown that many of the mixed cryptocurrencies on Bestmixer.io had a criminal origin or destination. In these cases, the mixer was probably used to conceal and launder criminal flows of money.
The Dutch FIOD has gathered information on all the interactions on this platform in the past year. This includes IP-addresses, transaction details, bitcoin addresses and chat messages. This information will now be analysed by the FIOD in cooperation with Europol and intelligence packages will be shared with other countries.
Source: Multi-million euro cryptocurrency laundering service Bestmixer.io taken down
Mixing is completely legal. What makes it illegal is the source or destination. If you sold a car for bitcoin that’s legal and you can mix those coins. If you sold drugs that’s illegal and mixing those coins is the same as money laundering. If you sold drugs and deposited the btc directly into an account, the selling of the drugs was still illegal but you didn’t attempt to wash the coins so you only have drug charges instead of racking on laundering charges.
Wonder if this has anything to do with the recent bust on the darknet?
Wonder how this investigation will play out? I see them looking for the big players
So basically, if you bought bitcoin through a legitimate outlet. Then mixed those coins into another clean wallet, then technically that’s still legal? Since neither the source or destination were illegal?
Especially small personal order amounts? I don’t see that being worth the time or effort to run down?
Correct, if you simply want to be anon then there’s nothing wrong. However if the intent is to use the funds for criminal activity then you cross the line. Buying coin, mixing it, then buying grape seed oil to make fragrances diffusers is completely fine.
Buy coin, mix it, then purchase oil to brew is a criminal activity and illegal. It’s the intent and use, that matters. If the intent was to use it for criminal acts then you get charged with intent to manufacturer or whatever. If you actually carried it out then you’re charged with manufacturing or whatever.
Buying then mixing coin to purchase personal amounts of aas is still illegal and still laundering money for criminal acts. How adamant the alphabet agencies are about tracking down a few hundred dollars, I can’t answer.
I wonder if they KNOWINGLY laundered/mixed crime proceeds.
If not, then all other mixers will follow.
Do you have any links to the darknet bust?