Dutch Authorities to Shut Down Bestmixer

The service is accused of launder over $200M worth crypto with coin "mixing" - spliting the amount and mixing it with other coins from different sources
23 May 2019   268

The Bitcoin mixing service Bestmixer was forced to cease operations after a nearly one-year investigation of money laundering charges. It is reported by Bleeping Computer.

Like other similar services, Bestmixer.io split the amount in bitcoins into smaller transactions and mixed them with transactions from other sources in order to hide their origin, and then transfers the entire amount minus the commission to the final address.

It also offered similar services with Litecoin and Bitcoin Cash.

The investigation believes that service customers could launder money through cryptocurrency.

Bestmixer offered a very clear page on why someone should mix their cryptocurrency. On this page Bestmixer described the current anti-money laundering policies and how its service could help evade these policies by making funds anonymous and untraceable. Offering such a service is considered illegal in many countries.
 

John Fokker

Head of Cyber Investigations, McAfee

Bestmixer was opened in May 2018. For the year of its existence, its turnover amounted to about 27,000 BTC (approximately $ 200 million). Fiscal Information and Investigation Service claims that a significant part of the funds passed through the mixer was obtained as a result of conducting illegal activities or was used to finance criminal gangs.

Policemen confiscated a domain and six servers in Luxembourg and the Netherlands. In addition, they got access to all transactions carried out using the service, cryptocurrency and IP-addresses, as well as messages from the chat. This information is currently transmitted to Europol.

Lightning Network Wallet by Breez to be Out For iOs

Solution is based on the lightweight client called Neutrino and it wallet supports Submarine Swaps technology
18 June 2019   211

The Breez payment platform introduced a non-custodial wallet for iPhone that supports the Lightning Network protocol.

The basis of the new product is a lightweight client Neutrino. It is also known that the wallet supports Submarine Swaps technology, which makes it possible to conduct transactions between online addresses and the Lightning Network.

The company's blog says that immediately after installation, the application automatically connects the channel to the so-called Breez hub connected to other Lightning nodes, which allows the user to conduct transactions with any participants in the second-level network. In addition, according to the founder of the company, Ron Scheinfeld, the possibility of a refund is provided in the event of challenging purchases.

In a Lightning economy, people trade money for goods and services. Intermediaries — banks, credit cards, online payment processors, and custodians of any kind — are obsolete. All that remains are the people, trading with each other anywhere, anytime, free to do what each of them thinks is best with their own money. Scale is no longer a concern. Transactions are virtually instantaneous and practically free. The people are free too. Finally.
 

Roy Sheinfeld
Co-Founder and CEO, Breez

The company also noted that within only two months after the release of the version for Android, Breez benefited from "hundreds of users." Currently, the wallet is in beta.

On the eve of the release of the iOS application, the startup managed to attract $ 500,000 from Recruit Strategic Partners and Fulgur Ventures. The funds will be used to develop an application for merchants, allowing them to accept Lightning-payments.