The operation, conducted in Zürich, resulted in the confiscation of three servers containing 12 terabytes of data and over 27 million USD in cryptocurrency. The crypto mixer, active since 2016, helped obscure illicit transactions for nearly a decade.
The takedown took place between November 24 and 28, Europol said. The mixer operated as a hybrid service accessible via both the clear web and the dark web. It enabled the obfuscation of criminal funds for ransomware groups, underground forums, and dark-web marketplaces.
Its software blocked the traceability of funds on the Blockchain, making it a preferred tool for cybercriminals laundering proceeds from drug trafficking, weapons trafficking, ransomware attacks, and payment-card fraud.
User deposits were pooled for a lengthy, randomized period before being redistributed to destination addresses at unpredictable times. As many digital assets rely on a public ledger, mixing services complicate the tracking of specific coins and effectively conceal their origin.
Criminals often used mixers before moving their “cleaned” assets to cryptocurrency exchanges, enabling them to swap crypto for other assets or convert it into fiat money via ATMs or bank accounts.
This operation is not the first of its kind. In 2021, the founder of Bitcoin Fog was arrested on charges of money laundering and operating an unlicensed money-transmission business.
A year later, the U.S. Treasury imposed sanctions on Tornado Cash, an Ethereum-based mixing service, banning U.S. citizens from using it. In a landmark 2024 ruling, the U.S. Fifth Circuit Court found that Treasury overstepped by sanctioning Tornado Cash’s smart contracts, although its broader designation remained valid.
Recently, the EU uncovered a major international crypto scam network. In late October, a multinational operation targeted a group running dozens of fraudulent cryptocurrency investment platforms masquerading as legitimate sites with promises of high returns.
However, investigators say the operators simply took the money and laundered it. Authorities seized 800,000 EUR in bank accounts, 415,000 EUR in cryptocurrencies, and 300,000 EUR in cash. Total estimated losses reach roughly 600 million EUR.
Sources:
https://www.europol.europa.eu/media-press/newsroom/news/europol-and-partners-shut-down-cryptomixer
https://x.com/Europol/status/1995422096126603419
https://decrypt.co/resources/what-are-coin-mixers-tornado-cash-how-do-they-work