What This Means For YouThe US Treasury Department made headlines recently by taking action against two highly-used cryptocurrency services – ChipMixer and Post Oak. This shutdown has been put into place in order to crack down on crypto scams, and it has many investors taking a step back and wondering what this means for their investments. In this blog post, we will cover the details of the US Treasury shutdown of ChipMixer and Post Oak, what this could mean for cryptocurrency investors,
What is ChipMixer and Post Oak?
In the wake of increasing US government scrutiny, signature buyers in the crypto market have been taking a step back from cryptos This change has come as a direct result of recent news that US authorities are cracking down on crypto transactions and putting a stop to activities, that involve ChipMixer. The company is being investigated due to concerns over possible crypto scams ChipMixer is an online platform for exchanging digital currencies in a secure fashion using cryptography for added protection. It was one of the most popular places for signature buyers who wanted to take advantage of its anonymity features, allowing them to buy and sell cryptos without their identity showing up on public records Unfortunately, this extra security also made it easier for criminals and scammers as well; consequently, it became necessary for US authorities to halt operations at ChipMixer out of fear that it might be used for nefarious activities like money laundering or terrorism financing.
News:
US authorities on Wednesday shut down the cryptocurrency company ChipMixer, which was involved in illegal trading and money laundering worth $3 billion.
The US Department of Justice has claimed that a ransomware group linked to North Korean hackers and other dark web users used the stolen information to gain access to their platform and stole $3 billion. It is also alleged that Russian military intelligence agencies used the site to trade Bitcoin and buy hacking tools.
Meanwhile, German police seized $46 million worth of cryptocurrency and the servers used to power the site as part of a fraud investigation.
Investigators believe ChipMixer facilitated bitcoin laundering and helped criminals evade detection, U.S. Attorney Jacqueline C. Romer of the Eastern District of Pennsylvania said in a statement:
Potential Buyers of Signature Agree to Avoid Cryptocurrencies
The New York-based bank’s weekend shutdown comes two days after the collapses of two other major banks, Silvergate, and Silicon Valley. was broken. All three now-defunct banks were considered “friendly” to cryptocurrency stakeholders.
Signatory banks, whose crypto customers make up a quarter of their deposits, have been investigated for money laundering by the Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC).
