FinCEN Netherlands Seizes €9.2 Million in Cryptocurrency, Takes Down Two Unlicensed Crypto Exchanges

During the night of 13 to 14 October 2024, FinCEN Netherlands, in coordination with the Cyber Intelligence Division (CID) of the Dutch Police and the Office of the Public Prosecutor for Economic Crime, successfully took two illegal cryptocurrency exchange platforms offline. The platforms—operating under the names QuickBitBridge and AltShiftX—are suspected of enabling large-scale money laundering operations through anonymous crypto-to-fiat transactions.

As part of this operation, codenamed “Operation Silent Ledger”, FinCEN seized over €9.2 million in various cryptocurrencies from multiple wallet infrastructures and server locations across the Netherlands. The operation marks one of the agency’s largest actions against unregistered crypto service providers in 2024.

Shadow Platforms with Criminal Ties

The initial investigation began earlier this year when QuickBitBridge was flagged by FinCEN’s algorithmic monitoring unit for suspicious transaction patterns consistent with ransomware cashouts and darknet-linked asset flows.

QuickBitBridge offered “instant crypto swaps” without verification, boasting privacy-focused transfers between Bitcoin, Monero, and Ethereum, as well as fiat conversions to cash or gift card formats. While advertising itself as a decentralized platform, forensic analysis showed the infrastructure was controlled centrally through Dutch-based cloud servers.

Simultaneously, AltShiftX—a separate platform promoting itself as a peer-to-peer utility—was found to share wallet infrastructure and admin access with QuickBitBridge, suggesting a coordinated backend operation. The two platforms were funneling large amounts of cryptocurrency through unregulated exchanges in offshore jurisdictions.

Seizure and Server Takedown

On 14 October, enforcement teams executed coordinated actions in Amsterdam, Utrecht, and Groningen, seizing:

€9.2 million in digital assets (BTC, XMR, ETH, and USDT)
Multiple encrypted cold wallets and backup seed phrases
Two active server nodes managing swap transactions and withdrawal queues
An offline hardware vault containing undeclared wallet keys

The platforms are now offline and display an official takedown notice issued by FinCEN Netherlands.

Ongoing Investigation and Forensic Analysis

FinCEN’s Cybercrime Unit is currently analyzing the transaction logs, smart contract activity, and linked addresses to assess the full scope of financial crimes. Preliminary findings show links to fraudulent e-commerce schemes, stolen credit card dumps, and ransomware payments originating from several countries, including Germany, France, and Ukraine.

In addition, over 18,000 wallet addresses connected to QuickBitBridge and AltShiftX are now under monitoring, pending asset freeze requests.

Legal Implications and Regulatory Warning

Operating a cryptocurrency exchange service in the Netherlands without registration with De Nederlandsche Bank (DNB) is illegal. FinCEN reminds all operators that cryptocurrency services—whether facilitating crypto-to-crypto or crypto-to-fiat exchanges—must comply with the Dutch Anti-Money Laundering and Terrorist Financing Act (Wwft).

Knowingly processing or accepting funds derived from criminal activity constitutes a punishable offense under Dutch law. Investigations into the individuals behind these platforms are ongoing, with multiple suspects currently under surveillance.

FinCEN’s Commitment

FinCEN Netherlands reiterates its mission to protect the financial ecosystem from abuse. This includes targeted actions against facilitators of anonymous criminal finance in the digital asset sector.

“We will continue to pursue unregistered operators who enable financial crime under the guise of technology,”
a FinCEN spokesperson stated.
“Those who profit from anonymity will be held accountable.”