Kazakhstan Takes Down Major Illicit Cryptocurrency Exchange RAKS
- Kazakhstan’s Financial Monitoring Agency dismantled the RAKS exchange, which had a turnover exceeding $224 million.
- Authorities blocked a total of 67 crypto wallets and froze assets worth approximately 9.7 million USDT.
- RAKS was involved in facilitating money laundering related to drug trafficking and online fraud for over three years.
- The investigation analyzed over 4,000 crypto wallets to trace criminal proceeds linked to the exchange.
- Following the shutdown, complaints from users about unmet financial obligations emerged on darknet forums.
The dismantling of RAKS represents a significant blow to illicit cryptocurrency operations in Kazakhstan, impacting regional darknet markets and disrupting supply chains within the narco industry. Authorities are continuing efforts to identify those behind this shadow exchange while prioritizing the fight against money laundering through digital currencies.
This operation highlights Kazakhstan’s commitment to regulating digital assets more stringently, as evidenced by the freezing of assets worth nearly $10 million during this crackdown on illegal activities.(Source)
