Kazakhstan’s financial crime agency has dismantled the RAKS crypto exchange, accusing it of laundering millions through darknet marketplaces.
Authorities froze 67 wallets holding nearly 10 million USDT and linked the platform to $224 million in illicit flows.
SponsoredCrypto’s Day In The Dark Web Could Be Over
Throughout this year, multiple law enforcement efforts have been made to shut down dark web crypto marketplaces. In June, the DOJ and Europol collaborated to shut down one of the largest Monero-based darknet markets.
Also, authorities took down one of the biggest fentanyl markets on the dark web with the help of Binance.
This week, the latest action came from Kazakhstan, as the authorities took down the RAKS crypto exchange.
The exchange operated in secrecy for three years. Investigators say it worked with more than 200 drug shops and collaborated with 20 of the largest darknet markets.
The agency stopped short of naming those markets. However, the ecosystem context points to well-known Russian-language platforms that filled Hydra’s void—such as Mega, Blacksprut, Solaris, Kraken, and OMG!OMG!.
SponsoredSigns of collapse emerged before the crackdown. RAKS’ social media accounts vanished, customer support shut down, and forum posts flagged unpaid obligations.
Observers now view these as early warnings of its demise.
Unlike regulated platforms, RAKS never disclosed owners, licenses, or audits. No evidence of partnerships with legitimate companies exists.
Instead, its “affiliations” were reportedly with darknet marketplaces that relied on it for laundering and liquidity.
The case highlights an old pattern: shadow crypto exchanges that appear stable but serve as conduits for illegal markets.
Once exposed, they vanish overnight, leaving users locked out of funds and regulators scrambling to trace flows.
The RAKS takedown follows a broader trend of targeting illicit exchanges in Eurasia.
After Hydra’s 2022 shutdown, a fragmented market emerged, creating fresh demand for laundering channels. Exchanges like RAKS fit that gap until enforcement caught up.
