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Dutch police arrest suspected Bitcoin thief by tracing transactions on blockchain

The Dutch police arrested a 39-year-old man within the Netherlands on Sept. 6 for allegedly stealing Bitcoin price tens of tens of millions of {dollars}, in line with a statement by Dutch authorities.

Upon the arrest, the police raided his house and seized his information carriers and cryptocurrency income. He stays a suspect, and investigations into his alleged crimes are ongoing. The police held the unidentified man in Veenendaal and launched him on Sept. 8.

To date, investigations revealed that he laundered Bitcoin with using malicious software program from the open-source Electrum pockets. In different phrases, he used a pretend model of the Electrum pockets to disguise his transactions.

As soon as secured, the stolen bitcoin was transformed to Monero (XMR) and vice versa. He additionally used the crypto alternate Bisq to obfuscate the origin of the prison transactions in the course of the course of.

Dutch police hint Bitcoin transactions

Monero claims to supply confidentiality and untraceable transactions. Nonetheless, transactions are publicly accessible on the Bitcoin Blockchain community when transformed to Bitcoin.

Bisq is a  decentralized alternate that permits customers to conduct peer-to-peer transactions to alternate Bitcoin for fiat currencies or different digital property whereas remaining nameless.

Joint investigations

The investigations are nonetheless ongoing, with the Dutch Police Cybercrime Staff of the Central Netherlands and the Cybercrime Staff of the Japanese Netherlands working collectively to deliver the suspect to justice.

Ongoing efforts between the police, banks, and firms are additionally underway because the events alternate info and determine different potential suspects, in line with the authorities.

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