Home Cryptocurrency News Dutch Authorities Seize Cryptocurrency Worth Over 25 Million Euros – News Bitcoin News

Dutch Authorities Seize Cryptocurrency Worth Over 25 Million Euros – News Bitcoin News

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Dutch authorities have seized greater than 25 million euros in cryptocurrencies, together with bitcoin and ether, from dozens of suspects in legal circumstances. “Cryptocurrencies are broadly used as a method of fee for varied varieties of crime,” stated the Netherlands’ Public Prosecution Service.

Authorities within the Netherlands Seize Extra Than 25 Million Euros in Cryptocurrencies, Together with Bitcoin and Ether

The Netherlands’ Public Prosecution Service introduced final week that it has seized greater than 25 million euros ($28.6 million) in cryptocurrencies in current months in collaboration with two different companies.

The Fiscal Data and Investigation Service (FIOD), the Nationwide Felony Investigation Service (DLR), and the Public Prosecution Service (OM) collaborated on varied investigations by which the emphasis was on seizing crypto wallets, the announcement particulars.

The FIOD is an company of the federal government of the Netherlands answerable for investigating monetary crimes. The Nationwide Felony Investigation Service is a part of the Dutch Nationwide Police Unit. The Public Prosecution Service, additionally known as Openbaar Ministerie, is the physique of public prosecutors within the Dutch legal justice system.

The announcement states:

Greater than 25 million euros in cryptocurrencies akin to bitcoin and ethereum have been seized from dozens of suspects.

Numerous crypto exchanges within the Netherlands and overseas cooperated with the FIOD and the Public Prosecution Service when legal proceedings had been levied. “They’re obliged to take action underneath Dutch legislation,” the OM defined, including that their cooperation made it attainable to grab the content material of assorted “crypto wallets managed by criminals with a complete worth of greater than 25 million euros.”

Nevertheless, the authorities defined that the identification of the suspects in an investigation just isn’t all the time identified. A few of the suspects are from the Netherlands whereas others are international nationals. “They are going to be transferred to the designated international authorities, topic to relevant worldwide agreements,” the OM defined.

The Public Prosecution Service additionally warned of crypto’s use as a method of fee for criminals, stating:

Possession and use of cryptocurrencies is authorized but in addition widespread amongst criminals. The reason being that criminals understand cryptocurrencies as nameless and they are often moved all over the world rapidly. Cryptocurrencies are subsequently broadly used as a method of fee for varied varieties of crime.

The OM detailed that cryptocurrencies are utilized in cybercrime, akin to ransomware, and as a method of fee, akin to to pay for internet hosting providers. “As well as, we more and more encounter cryptocurrencies in types of crime akin to drug and human trafficking, fraud, and tax evasion.”

Moreover, “The investigation additionally revealed that criminals counteract undesirable alternate charges by changing cryptocurrencies into so-called ‘stablecoins’ akin to USDT. These are cryptocurrencies whose worth are linked to the U.S. greenback,” the Public Prosecution Service famous.

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