The Dutch Police Arrested a Man for Allegedly Laundering Millions With Crypto

The Central Netherlands police’s cybercrime team arrested a Veenendaal resident 39 years old, on suspicion of laundering millions of euros through stolen crypto.

According to the police, the individual obtained his digital assets by faking updates from the crypto wallet Electrum.

The Latest Crypto Scam in the Netherlands

In the investigation, it was found that he repeatedly converted Bitcoin into Monero and vice versa through the decentralized exchange Bisq once he had stolen amounts of Bitcoin. Due to this, it was difficult to identify his fraudulent transactions without a thorough investigation.

Nevertheless, local law enforcement agents worked with the central cybercrime team to monitor specific Bitcoin transactions and ultimately traced them back to the 39-year-old. Veenendaal was the place where he was arrested. Veenendaal was the place where he was arrested.

In the course of his fraud, the police estimated that he laundered tens of millions of euros worth of cryptocurrencies. To assist the investigators, the authorities seized “data carriers” from his home, as well as seized that amount.

Crypto’s Popularity Grows in the Netherlands

Cryptocurrency fraudulent schemes usually occur in regions with high adoption of digital assets. According to the European Central Bank, 14% of Dutch households are exposed to bitcoin or altcoins. According to that statistic, the Netherlands ranked first, surpassing countries like Belgium, Germany, Italy, Spain, and France

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