- The activities of the shadow crypto exchange RAKS exchange, which served the drug market of the CIS, have been halted in Kazakhstan.
- 67 cryptocurrency wallets have been blocked, with assets amounting to 9.7 million USDT frozen.
- An investigation into the organizers of the platform is ongoing.
Large-Scale Money Laundering Scheme Through Crypto Exchange
The Financial Monitoring Agency of Kazakhstan has announced the liquidation of the illegal crypto exchange RAKS exchange, which was used for laundering money from drug trafficking and online fraud. According to the agency, RAKS exchange operated for over three years and played a key role in the shadow economy of the region.
This is reported by Finway
During the investigation, it was revealed that the platform collaborated with 20 major darknet marketplaces, with a total audience exceeding 5 million users. Over 200 drug shops operating in Kazakhstan, Russia, Ukraine, and Moldova conducted transactions through RAKS. The total turnover of the service reached over 224 million US dollars, according to Kazakh authorities.
Wallet Blocking, Consequences, and Further Actions
As part of the investigation, agency experts analyzed over 4,000 crypto wallets, identified addresses for storing illegal proceeds, and blocked 67 cryptocurrency wallets associated with the service. The total amount of frozen assets amounted to 9.7 million USDT.
The agency noted signs of the cessation of RAKS exchange’s operations: social media accounts have been deleted, and customer support has been halted. At the same time, users on specialized darknet forums are widely complaining about the service’s failure to meet financial obligations.
“These measures have dealt a significant economic blow to the shadow infrastructure of the drug business, destabilizing supply chain logistics,” the agency’s press release states.
According to the regulator’s assessment, the actions taken have seriously impacted the drug industry, disrupted supply channels, and reduced trust in illegal darknet platforms, which has affected their turnover in the region.
The search for the organizers of RAKS exchange continues. The Financial Monitoring Agency emphasizes that the fight against money laundering through digital currencies remains one of its main priorities.