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- A 39-year-old man from Venendal got arrested by the cybercrime team of Central Netherlands Police on dubiety of laundering tens of millions of euros by looted cryptocurrency.
- Police also claimed that the suspect collected his virtual asset holdings by a false update from the crypto wallet Electrum.
The news of the arrest was flashed on the official website of the police of the Netherlands. In line with the interrogation, previously, a number of bitcoin were looted, and he continuously changed it into Monero and the same from the other side, with the help of decentralized exchange Biscay. Therefore, it was very problematic to find the fraud transactions without rigorous interrogation and inspection.
The regional law enforcement agents operated a joint operation in collab with central cybercrime to keep an eye on particular Bitcoin transactions and finally track down those activities. The 39-year-old guy was caught in the Veenendal village.
During the period of his crime, police calculated that he had laundered cryptocurrencies that valued approx tens of millions of euros. Police seized that amount and inspected his house, where they confiscated a “data carrier” to aid the continuing investigation.
To cumulate his bitcoin assets, the suspect reportedly used a malignant software update to Electrum wallet. It is one of the most popular bitcoin wallet apps that permits clients to handle their virtual assets. Without giving further information, Dutch police stated:
“The amount was looted after exploiting with malignant Electrum software driven by malignant servers.”
Rich people find crypto interesting
After the arrest, the guy was sent back to his home for some days, where he stays a suspect in many crypto frauds.
Crypto scams are mostly associated with those areas where digital asset adoption is very common. In this matter, it is noteworthy that 14% of Dutch households are vulnerable to bitcoin or altcoins (as per the survey by the European Central Bank). Therefore, Netherland takes the first position among countries exceeding that figure, like Belgium, Germany, Italy, Spain, and France.
Similarly, the European Central Bank calculated that a rich portion of the people finds crypto very interesting than those coming from a poor background. The authority claimed that well-educated, young investors hold the most portion.
In concern to restrict crypto frauds, the European Central Bank has advised many times that the section should run under strict laws.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
