A fraudster who laundered tens of millions of euros in cryptocurrency was arrested in the Netherlands

Dutch law enforcement officers arrested a 39-year-old man on suspicion of money laundering. The criminal is accused of stealing digital currency by updating the Electrum crypto wallet. According to a police statement, the suspect laundered tens of millions of euros and was found through tracking bitcoin transactions. It is noted that the attacker converted bitcoin into Monero coin (an open-source cryptocurrency designed for anonymous money transactions) and vice versa, using the decentralized Bisq platform.

«Cryptocurrency, like regular money, is vulnerable to all types of crime. Criminals take advantage of the fact that cryptocurrency can be transferred anonymously and through international transactions that cannot be traced,» the police said.

The man was arrested on September 6 in the town of Venendal, Utrecht province. on September 8, he was released, though he is still under investigation as a suspect. During the search, several electronic data carriers and a certain amount of money in cryptocurrency, which was not publicized, were seized from the fraudster.

Cryptocurrency fraud occurs almost every day around the world. Earlier, we told you about a stunning scheme of Israeli and French criminals who laundered cryptocurrency with the help of the French government. And in late August, a cybersecurity expert named Serpent published a list of cryptocurrency and NFT scams that are now widely circulated on Twitter. Serpent described how fraudsters target inexperienced cryptocurrency users using clone sites and accounts, including malware.