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

Dutch authorities have seized greater than 25 million euros in cryptocurrencies, together with bitcoin and ether, from dozens of suspects in prison instances. “Cryptocurrencies are widely used as a means of payment for various types of crime,” mentioned the Netherlands’ Public Prosecution Service.

Authorities within the Netherlands Seize More Than 25 Million Euros in Cryptocurrencies, Including 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 Information and Investigation Service (FIOD), the National Criminal 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 accountable for investigating monetary crimes. The National Criminal Investigation Service is a part of the Dutch National Police Unit. The Public Prosecution Service, additionally referred to as Openbaar Ministerie, is the physique of public prosecutors within the Dutch prison justice system.

The announcement states:

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

Various crypto exchanges within the Netherlands and overseas cooperated with the FIOD and the Public Prosecution Service when prison proceedings have been levied. “They are obliged to do so under Dutch law,” the OM defined, including that their cooperation made it potential to grab the content material of varied “crypto wallets managed by criminals with a total value of more than 25 million euros.”

However, the authorities defined that the id of the suspects in an investigation is just not at all times recognized. Some of the suspects are from the Netherlands whereas others are overseas nationals. “They will be transferred to the designated foreign authorities, subject to applicable international agreements,” the OM defined.

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

Possession and use of cryptocurrencies is authorized but additionally well-liked amongst criminals. The motive is that criminals understand cryptocurrencies as nameless and they are often moved around the globe shortly. Cryptocurrencies are due to this fact extensively used as a method of cost for varied varieties of crime.

The OM detailed that cryptocurrencies are utilized in cybercrime, similar to ransomware, and as a method of cost, similar to to pay for internet hosting companies. “In addition, we increasingly encounter cryptocurrencies in forms of crime such as drug and human trafficking, fraud, and tax evasion.”

Furthermore, “The investigation also revealed that criminals counteract unwanted exchange rates by converting cryptocurrencies into so-called ‘stablecoins’ such as USDT. These are cryptocurrencies whose value are linked to the U.S. dollar,” the Public Prosecution Service famous.

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