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Dutch Authorities Seize Cryptocurrency Value Over 25 Million Euros

Dutch Authorities Seize Cryptocurrencies Worth Over 25 Million Euros, Including Bitcoin

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 extensively used as a way of cost for numerous forms of crime,” mentioned 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 latest months in collaboration with two different companies.

The Fiscal Info and Investigation Service (FIOD), the Nationwide Legal Investigation Service (DLR), and the Public Prosecution Service (OM) collaborated on numerous 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 chargeable for investigating monetary crimes. The Nationwide Legal 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.

Varied crypto exchanges within the Netherlands and overseas cooperated with the FIOD and the Public Prosecution Service when legal proceedings have 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 varied “crypto wallets managed by criminals with a complete worth of greater than 25 million euros.”

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

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

Possession and use of cryptocurrencies is authorized but in addition in style amongst criminals. The reason being that criminals understand cryptocurrencies as nameless and they are often moved all over the world shortly. Cryptocurrencies are subsequently extensively used as a way of cost for numerous forms of crime.

The OM detailed that cryptocurrencies are utilized in cybercrime, akin to ransomware, and as a way of cost, akin to to pay for internet hosting companies. “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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