Dutch Police Busts Man Involved In Laundering Millions Through Crypto

Dutch police recently arrested an individual alleged to have laundered millions of euros using cryptocurrencies. The authorities of the Netherlands have recently intensified their crackdown of crypto-related financial crimes. This recent arrest is testament of the new firm oversight.

The suspect allegedly laundered illegal funds by converting from BTC to XMR

The police announced the report via an official statement Wednesday. According to the statement, the Dutch police apprehended the 39-year-old last week. The man who was arrested in the Dutch town of Veenendaal is alleged to have laundered tens of millions of euros in illegal finance through cryptocurrencies.

The man’s arrest came following discovery of his links with stolen Bitcoin (BTC) from a software patch of Electrum bitcoin wallet which the authorities traced to him. The police mentioned that the individual was in the habit of converting the illegal funds to and from BTC and Monero (XMR). This was an attempt at masking the source of the funds.

Besides converting to XMR, the man also utilized decentralized Bitcoin exchange Bisq. Due to the privacy policies of Bisq, the suspect used the exchange as an extra effort to evade tracking. However, the police were able to find him through the bitcoin transactions.

Dutch police also arrested suspected Tornado Cash developer last month

Following the arrest, the Dutch authorities conducted a search of his home for further evidence, seizing properties useful for investigations. The police also impounded his cryptocurrencies. They released the man on September 8, pending the conclusion of the investigation. Notwithstanding, he remains a prime suspect.

Cryptocurrency, like ordinary money, is vulnerable to all kinds of crime. The anonymous and cross-border nature of cryptocurrency affords opportunities for criminals,

the Dutch police remarked.

The cyber crime units of both the Central Netherlands Police and East Netherlands Police have collaborated to conduct the investigation.

Recall that the Dutch police, on August 10, also arrested Alexey Pertsev, the suspected developer of Tornado Cash. This followed the U.S. Treasury’s ban on the mixer, citing usage for money laundering and illegal financing. The arrest was another attempt from the Dutch authorities to crackdown on cyber crime. Judged as unfair, several individuals took to the streets to protest the arrest.