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

Dutch authorities have confiscated more than 25,000,000 euros worth of cryptocurrencies from several suspects involved in criminal cases. “Cryptocurrencies are widely used as a means of payment for various types of crime,” said the Netherlands’ Public Prosecution Service.

The Netherlands seizes more than 25 million euros in cryptocurrencies including Bitcoin and Ether.

The Netherlands’ Public Prosecution Service announced last week that it has seized more than 25 million euros ($28.6 million) in cryptocurrencies in recent months in collaboration with two other agencies.

The Fiscal Information and Investigation Service, National Criminal Investigation Service and Public Prosecution Service collaborated in various investigations that focused on the seizure of crypto wallets and announcement details.

The FIOD, an agency under the control of the Dutch government, is responsible for the investigation of financial crime. Part of the Dutch National Police Unit is the National Criminal Investigation Service. Openbaar Ministerie is also known as the Public Prosecution Service. It’s the Dutch body for public prosecutors within the criminal justice system.

An announcement reads:

Dozens of suspects have been arrested with more than 25 millions euros worth of cryptocurrencies like bitcoin and ethereum.

Various foreign and Dutch crypto exchanges cooperated in criminal prosecution with the FIOD/Public Prosecution Service. “They are obliged to do so under Dutch law,” the OM explained, adding that their cooperation made it possible to seize the content of various “crypto wallets managed by criminals with a total value of more than 25 million euros.”

Authorities explained, however that it is difficult to know the identities of suspects involved in investigations. Some suspects come from the Netherlands and others are international nationals. “They will be transferred to the designated foreign authorities, subject to applicable international agreements,” the OM explained.

The Public Prosecution Service also warned of crypto’s use as a means of payment for criminals, stating:

Criminals can also use cryptocurrencies, although it is illegal to possess them. Criminals see cryptocurrencies anonymously and can easily move around the globe. As a payment method for many types of criminal activity, cryptocurrencies can be widely used.

The OM stated that cryptocurrencies can be used for cybercrime such as ransomware and payment methods such as hosting service payments. “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 noted.

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