Authorities Seize $56 Million in Record Crypto Exchange Takedown

A national police force has executed its largest-ever cryptocurrency seizure, confiscating over $56 million from an unregistered exchange platform and shutting it down completely. The operation targeted a "privacy-first" service that allowed anonymous transactions, which authorities allege was a hub for laundering proceeds from ransomware, darknet markets, and other illicit activities. The investigation began following a tip from an international law enforcement agency and uncovered that the platform deliberately evaded regulations by not registering with the national financial intelligence unit. This takedown marks the first time law enforcement in the country has dismantled an entire crypto trading venue. While the action was aimed at criminals, some legitimate users were impacted and may have recourse through the court system to reclaim their assets.