Kazakhstan has halted the operations of the large shadow crypto exchange RAKS exchange, which had been one of the main players in the illegal market in the region for over three years. According to the Financial Monitoring Agency, the service was used for laundering money obtained from drug trafficking and online fraud.
This is reported by Business • Media
Connections to the Darknet and Scale of Criminal Activity
Investigators found that RAKS exchange collaborated with twenty of the largest marketplaces in the darknet, which have an audience of over 5 million users. The platform facilitated money laundering for more than 200 drug shops operating in Kazakhstan, Russia, Ukraine, and Moldova.
The total turnover of funds that passed through RAKS exchange exceeded $224 million, highlighting the scale of the shadow economy associated with this service.
Asset Freezing and Market Consequences
During the investigation, experts from the Agency analyzed over 4,000 crypto wallets, some of which were used to store illegal proceeds. Ultimately, 67 crypto addresses belonging to RAKS exchange were blocked, and assets amounting to 9.7 million USDT were frozen.
The agency recorded a complete shutdown of the service: social media accounts have been deleted, and customer support is no longer operational. Numerous complaints from users regarding the service’s failure to meet financial obligations began to emerge on specialized darknet forums.
“These measures dealt a significant economic blow to the shadow infrastructure of the drug business, destabilizing supply chain logistics,” the agency’s press release stated.
According to the Financial Monitoring Agency, the measures taken have significantly complicated the operations of the drug business, disrupted supplies, and undermined trust in illegal platforms in the region. This has led to a reduction in the turnover of darknet markets.
The authorities in Kazakhstan continue their investigation and are identifying the organizers of RAKS exchange. It is also emphasized that the fight against money laundering through digital currencies remains one of the main priorities for law enforcement in the country.