Risky Bulletin Newsletter
August 05, 2024
Risky Biz News: Crypto-wallet service seized for helping ransomware gangs launder stolen funds
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News Editor
German and US authorities have seized a crypto-wallet service named Cryptonator on charges of money laundering and operating an unlicensed money service business.
The service allowed individuals to set up crypto-wallet funds that could receive and send funds from and to any type of blockchain service, effectively operating as a "personal cryptocurrency exchange" for each customer.
Officials say Cryptonator failed to implement anti-money laundering protections and knowingly allowed its service to be used for illegal activities.