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PrivCoin Shuts Down, Blames "New and Extensive Regulations"

The cryptocurrency mixer PrivCoin shut down due to “new and extensive regulations” in the European Union. PrivCoin previously made public and private contributions to the Tor Project and donated all of their profits to charities.

PrivCoin users will see a simple message in place of the mixer’s homepage. Text as follows:

Goodbye World

While we previously blocked users from countries with over-reaching regulations, new and extensive regulations added to the European Union in January 2020 have made it impossible to reasonably operate Privcoin.io

Privcoin has been not for profit and will donate the remainder of the “profits” made to worthy charities.

PrivCoin Homepage

PrivCoin Homepage

We sincerely hope that we have saved several lives by providing privacy services.

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In addition to the usual claims about privacy made by other mixers, PrivCoin suggested that mixing coins potentially saved lives. The links in the GoodBye World message were also referenced on the mixer’s FAQ section titled “Why Should I Use You?

When you use Bitcoin with other parties they know who you are, where your coins are held and how many coins you have. Armed with this information. an unscrupulous party can do things like attempt to hack you, kidnap you, torture you, or a competitor can track your company’s revenue. They can also monitor your coins and know where you send them to use that information against you for example if you should use coins on a dating website.

Instead, to preserve your own personal privacy and dignity you can send us (for example) 1 Bitcoin and receive 0.9949 BTC back into your new wallet that has no traces of your identity on it. Using time delays and multiple addresses ensures nobody will know anything about your coins.

PrivCoin had a significant number of users, according to forum threads and Reddit posts about the mixer. Empire Market even recommended the mixer to their customers as a method to conceal Litecoin transactions.


Last year, Dutch law enforcement seized BestMixer.io. Bitcoin Blender shut down only days later. The United States just indicted the administrator of Grams for operating the Grams Bitcoin mixer, Helix (which ultimately failed as a mixer). The number of trusted mixers is in decline and will likely continue to do so as users shift from Bitcoin to Monero and similarly private cryptocurrencies.

9 Comments
alternative
547cdb30 Wed, Feb 19, 2020

urm so what is an epic alternative?

Courvoisier
b0f09750 Wed, Feb 19, 2020

There is no fucking way, they ran this as non profit, there was no mention of this anywhere on the site before closure. This is to try and lighten any lawful penalties they might incur

Frosty_GLOWING
1ede45e0 Wed, Feb 19, 2020

So are you saying Helix kept a log of every transaction?

How are the addresses known?

Was the deleted data recovered?

Did the mixer not mix correctly?

Dekan
c51cd7e0 Wed, Feb 19, 2020

Did the mixer not mix correctly?

The mixer did not mix well enough. Input and output addresses for all mixers can be discovered by using the mixer.

PrivCoin is recommended by Empire Market on their LTC withdrawal page. I’m sure reading about Grams scared them as reading about BestMixer.io scared BitBlender.

Empire also recommended BitBlender (and still does) on their BTC withdrawal page.

Helix apparently had some sort of behind-the-scenes deal with AlphaBay to mix outgoing AB funds which I imagine LE discovered after they analyzed the seized AB admin account and AB server.

Frosty_GLOWMAN
a0e33980 Wed, Feb 19, 2020

" Input and output addresses for all mixers can be discovered by using the mixer."

So did the mixer have taint?

Were some percentage of mixes fully anonymous?

I saw on the blockchain explorere the list of all Helix addresses.

I saw on one news article that Helix masked the origion of the BTC (0% taint). From Alphabay to helix to destination.

But the blockchain site linked on Darknetlive is showing all addresses are known.

I used Localbitcoins linked to my real ID > Helix Light > Evo/Agora .
All addresses are known.

So Feds can easily see I sent coins into market right. :|

swap
59e0db30 Wed, Feb 19, 2020

I recommend everyone who buys Bitcoin or other crypto to cut the link by swapping that for Monero by using a coin swap service that you don't have to sign up for or link your identity to. SimpleSwap.io is a good one

swap your fkn
227f0db0 Wed, Feb 19, 2020

there is no need for coin mixing services anymore, exchanging your btc for monero than back is all you need

UseMonero
6cb92940 Thu, Feb 20, 2020

Agree with 'swap'. Monero is a true privacy cryptocurrency, learn about it, work out how to exchange for it, use it. Would have helped the dude that tried to cash out his $19 million in Bitcoin too.Bitcoin should be thought of as a 'Survellience Coin' - don't use it

Fairy
236aed30 Mon, Mar 2, 2020

SudokuWallet.io is a great alternative! Its a tumbler trusted by BitcoinTalk

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