Bitcoin [BTC], the king of the crypto-space, crossed the $8,500 mark again today and the upward movement was praised by many crypto-enthusiasts and big names in the crypto market, including Jimmy Song.
Even though the Bitcoin bulls were bellowing, a famous cryptocurrency mixing service provider, Bitcoin Blender, closed down, after running for five years. During the final declamation, the management body of the firm urged its users to extract capital funds from their accounts.
The news of Bitcoin Blender ceasing its operations came after a major Bitcoin mixing service, Bestmixer, came under scrutiny.
Europol issued a statement, saying,
“A cryptocurrency tumbler or cryptocurrency mixing service is a service offered to mix potentially identifiable or ‘tainted’ cryptocurrency funds with others, so as to obscure the trail back to the fund’s original source.”
Bitcoin mixing is also known as Bitcoin tumbling, which is prominently known for adding a third part between the sender and receiver for exchanging Bitcoins.
Bitcoin transactions required users to reveal their personal information to the person at the receiving end. This made the information vulnerable as the data was openly available over the blockchain. However, Bitcoin mixing service empowered the users to carry out transactions without the need to reveal personal information. The mixing services made sure that the users’ identity remained incognito.
It was known to charge users with approximately 1-3% in transaction fee. Bitcoin Blender initiated its business in 2014.
The firm used to work under wraps through deep web services. Users were given step-wise details to reach the platform. Incognito services had shut down earlier, but the informational website over the clear net was still operating.
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