Dutch authorities confiscated cryptocurrencies worth more than 25 million euros – News Bitcoin News

Dutch authorities confiscated cryptocurrencies worth more than 25 million euros – News Bitcoin News



Dutch authorities confiscated more than 25 million euros of cryptocurrency, including Bitcoin and Ethereum, from dozens of suspects in criminal cases. “Cryptocurrency is widely used as a means of payment for various crimes,” said the Dutch Public Prosecutor’s Office.

The Dutch authorities confiscated more than 25 million euros of cryptocurrencies, including Bitcoin and Ethereum

The Dutch Public Prosecutor’s Office announced last week that it has seized more than 25 million euros (28.6 million U.S. dollars) in cryptocurrency in cooperation with two other agencies in recent months.

The Financial Information and Investigation Bureau (FIOD), the National Criminal Investigation Bureau (DLR) and the Public Prosecutor’s Office (OM) have cooperated in various investigations, focusing on the confiscation of encrypted wallets and publicizing details.

FIOD is an agency of the Dutch government responsible for investigating financial crimes. The National Criminal Investigation Service is part of the Dutch National Police Force. The Public Prosecutor’s Office, also known as the Minister of Openbaar, is the prosecutor’s agency in the Dutch criminal justice system.

The announcement stated:

Over 25 million euros of cryptocurrencies such as Bitcoin and Ethereum were seized from dozens of suspects.

When criminal proceedings are filed, various cryptocurrency exchanges in the Netherlands and abroad cooperate with FIOD and the Public Prosecutor’s Office. “According to Dutch law, they are obliged to do so,” OM explained, adding that their cooperation made it possible to confiscate various “contents of crypto wallets managed by criminals with a total value of more than 25 million euros.”

However, the authorities explained that the identity of the suspect in the investigation is not always known. Some suspects are from the Netherlands, while others are foreigners. “According to applicable international agreements, they will be transferred to designated foreign authorities,” OM explained.

The Public Prosecutor’s Office also warned that cryptocurrency was used as a payment method for criminals, stating:

It is legal to own and use cryptocurrency, but it is also very popular among criminals. The reason is that criminals believe that cryptocurrencies are anonymous, and they can spread quickly around the world. Therefore, cryptocurrency is widely used as a payment method for various crimes.

OM details the use of cryptocurrency in cybercrime, such as ransomware, and as a means of payment, such as paying for hosting services. “In addition, we are increasingly encountering cryptocurrencies in the form of crimes such as drug and human trafficking, fraud and tax evasion.”

In addition, “the investigation also revealed that criminals offset unnecessary exchange rates by converting cryptocurrencies into so-called’stable coins’, such as USDT. These are cryptocurrencies whose value is pegged to the U.S. dollar,” the Public Prosecutor’s Office pointed out.

What do you think about the confiscation of 25 million euros of cryptocurrency by the Dutch authorities? Let us know in the comments section below.

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