Over $28.6M In Bitcoin And Other Cryptos Seized By Dutch Authorities

Dutch authorities seized over 25 million euros ($28.6) worth in Bitcoin, Ethereum, and other cryptocurrencies due to alleged criminal activity. A Chainalysis 2021 report revealed that in 2019 the volume of illicit crypto activity represented a small 2.1% of all transactions, and in 2020 that volume fell 0.34%, but their expectation for 2021 was for “cybercriminal use of DeFi for money laundering to increase”. just as the cryptocurrency industry is always evolving, so too are the bad actors who commit cryptocurrency-related crime. The Fiscal Information and Investigation Service (FIOD), the National Criminal Investigation Department (DLR), and the Public Prosecution Service (OM) worked together on a mix of investigations with the intention of seizing crypto wallets linked to criminal activities. The authorities claimed in a public announcement that they “increasingly encounter cryptocurrencies in forms of crime such as drug and human trafficking, fraud and tax evasion.” Greater than 25 million euros in cryptocurrencies corresponding to bitcoin and ethereum have been seized from dozens of suspects. Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes The Public Prosecution Service further commented their opinion on why cryptocurrencies are being used for criminal activities: Possession and use of cryptocurrencies is authorized but additionally common amongst criminals. The...