Kazakhstan Takes Down Major Crypto Money Laundering Platform RAKS
Kazakhstan has taken down RAKS, a major crypto money laundering platform operating in the former Soviet space. The Financial Monitoring Agency (AFM) has blocked wallets and frozen funds, marking a significant blow to illicit activities.
The AFM shut down RAKS after it processed over $224 million in illegal transactions. The exchange serviced nearly two dozen darknet markets, catering to an estimated user base of several million. Complaints from drug sellers on darknet forums revealed RAKS' failure to meet financial obligations.
The AFM blocked 67 crypto wallets belonging to RAKS and froze 9.7 million USDT. Despite these actions, the identity of the individuals or group behind RAKS remains unknown. Kazakh authorities are actively investigating to identify the operators and continue their fight against money laundering schemes using digital tools.
Kazakhstan, while cracking down on illegal activities, is also taking steps to legalize and regulate crypto-related activities, including trading.
The dismantling of RAKS by Kazakh authorities highlights their commitment to combating crypto money laundering. Despite the exchange's large user base and significant transactions, the AFM's actions have disrupted its operations and frozen a substantial amount of funds. The investigation into RAKS' operators continues, with Kazakh authorities determined to root out illicit activities in the digital sphere.
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