The government of Kazakhstan announced that it has shut down one of the largest money laundering services in the CIS, which handled over $224 million during its operation.
The Financial Monitoring Agency of Kazakhstan identified the cryptocurrency exchange RAKS through its special "blockchain monitoring." According to the agency, the platform provided "professional services for laundering proceeds from internet fraud and drug trafficking."
The exchange had gained "high trust" and collaborated with 20 of the largest Darknet markets, with a total user base exceeding 5 million.
Investigations revealed that over three years, RAKS exchange laundered the proceeds of more than 200 illegal drug sales points operating in Kazakhstan, Russia, Ukraine, and Moldova. The total turnover of the network exceeded $224 million.
As a result, the agency blocked 67 crypto accounts belonging to the service, freezing assets totaling 9.7 million USDT.
According to the regulator, RAKS exchange has been completely shut down: its social media pages have been deleted, and customer support has been discontinued. The agency continues efforts to identify the main owners of this illegal service.
