ChipMixer was active on the darknet, a part of the internet accessible only through specialized tools that provide more anonymity. German investigators said it had offered its services since mid-2017 and had accepted cryptocurrency — largely bitcoin — of criminal origin which was put through a "mixing" process to disguise its origin.
GERMAN POLICE CONDUCT RAID AGAINST GROUP OF SUSPECTED HUMAN SMUGGLERS
German investigators have taken down a cryptocurrency money laundering site that was involved in the dark web.
Cryptocurrency that was paid in was broken down into tiny amounts known as "chips," and users' "chips" were blended together to hide where the money came from, investigators said. They added that ChipMixer promised its users complete anonymity.
The platform is estimated to have laundered a total of about 154,000 bitcoin, or 2.8 billion euros. A significant part of that is believed to have come from darknet market places, fraudulently obtained cryptocurrency, ransomware groups and other crimes.
German investigators said that the FBI is seeking the chief suspect, whom they didn't identify.