Dutch authorities seized more than $28.6 million in Bitcoin and other cryptocurrencies

Due to suspected criminal activity, the Dutch authorities confiscated Bitcoin, Ethereum and other cryptocurrencies worth more than 25 million euros (28.6 U.S. dollars).

Chain analysis in 2021 report It was revealed that the number of illegal encryption activities in 2019 only accounted for 2.1% of all transactions, and that number fell by 0.34% in 2020, but their expectation for 2021 is that “cybercrime uses DeFi for money laundering”.

Just as the cryptocurrency industry has been evolving, so too have bad actors committing crimes related to cryptocurrency.

The Financial Information and Investigation Bureau (FIOD), the National Criminal Investigation Bureau (DLR) and the Public Prosecution Bureau (OM) jointly conducted a series of investigations with the purpose of seizing crypto wallets related to criminal activities.

The authorities claimed in a statement announcement They “are increasingly encountering cryptocurrencies in the form of crimes such as drug and human trafficking, fraud and tax evasion.”

More than 25 million euros in Bitcoin and Ethereum’s corresponding cryptocurrency were seized from dozens of suspects.

Related Reading | This is the case for all crypto assets seized by the U.S. Internal Revenue Service

The prosecutor’s office further commented on their views on why cryptocurrencies are used in criminal activities:

Possession and use of cryptocurrency is authorized, but it is also common among criminals. The reason is that criminals believe that cryptocurrencies are nameless, and they often quickly spread around the world. Due to this fact, cryptocurrency is widely used as a cost method for many crimes.

Cryptocurrency exchanges helped seize coins

According to reports, after taking corresponding legal actions, Dutch and foreign cryptocurrency exchanges helped FIOD and OM to conduct business.

OM explained that these companies are “obligated to act in accordance with Dutch legislation,” adding that their cooperation makes it possible to access “crypto wallets managed by criminals” and retrieve $28.6 million worth of cryptocurrency. This value is expected to eventually be transferred to the national treasury.

The investigation also revealed that criminals offset the bad substitution allegations by changing the cryptocurrency to a so-called “stable currency” corresponding to USDT. These are cryptocurrencies whose value is pegged to the U.S. dollar,

As some of the suspects are outside the Netherlands, the authorities appealed to their foreign counterparts to cooperate and send them to the country as soon as they are confirmed.

In 2013, the first seizure of cryptocurrency occurred in the Netherlands. After that, OM believes that the survey has been improved, better and faster. The investigation department has learned to collect evidence through traces left by suspects involved in encrypted illegal activities. This allowed the authorities to find them and confiscate their assets.

Related Reading | Australia’s largest cryptocurrency confiscation: Police confiscated $6 million worth of digital currency

Image of cryptocurrency inside the Netherlands

It is roughly estimated that 700,000 Dutch people invest in Bitcoin through Bitcoin Meesters, the largest cryptocurrency exchange in the Netherlands, but the total number of investors in the country is still unclear.

The Dutch Central Bank (DNB) has registered about 20 cryptocurrency service providers, but a spokesperson commented: “This only means that these providers are not involved in criminal activities, but this is only the scope of surveillance.”

Although Bitcoin has performed well in the past year and the world is slowly but inevitably adapting to cryptocurrencies, the Dutch Investors Association (VEB) and DNB have been fighting around Bitcoin and do not believe in its utility. The latter stated that the bank is “not recommended Or oppose investment, but we do have an opinion.” This is not a friendly opinion.

The price of Bitcoin on the daily chart is $63,748 | Source: BTCUSD on TradingView

Source link

You May Also Like

Leave a Reply

Your email address will not be published.