- The arrest of the criminal was noted on the website of the Dutch police force.
- This person is suspected of using a malicious Electrum wallet software update.
Central Netherlands cybercrime officers have detained a 39-year-old man from Veenendaal on allegations of laundering tens of millions of euros via fraudulent use of cryptocurrency. According to the police, the suspect accumulated his cryptocurrency holdings by using a malicious version of the cryptocurrency wallet Electrum.
The arrest of the criminal was noted on the website of the Dutch police force. The investigation suggests that after stealing a large amount of Bitcoin, he frequently traded it on the decentralized exchange Bisq for Monero and vice versa. So, it took a careful investigation to uncover his fraudulent dealings.
However, through a joint operation with the central cybercrime team, local law enforcement agents were able to track the 39-year-criminal old’s activities in BTC back to him. When he was taken into custody, he was in the town of Veenendaal.
The police believed that he had laundered many millions of euros worth of cryptocurrency over the course of his fraud. In addition to seizing that sum, law enforcement also conducted a search of his home and took several “data carriers” that they hope will prove useful in their investigations.
This person is suspected of using a malicious Electrum wallet software update to steal cryptocurrencies from other users’ wallets. One may use this free and open-source software to store and access their Cryptocurrency holdings.
The Dutch police stated:
“The funds were stolen after phishing with malicious Electrum software pushed through malicious servers.”
Authorities held the guy for a few days before releasing him. But he is still being pursued in connection with a multi-million dollar crypto fraud. Cryptocurrency fraudulent schemes frequently emerge in places where digital asset use is at a high level.
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