Crypto News

$5.2M worth Cryptocurrency Ceased By EU Police

$5.2M worth Cryptocurrency Ceased By EU Police

In a shocking scenario, the European Union authorities were able to bust a drug deal worth $5.2 million digital currencies. The investigation was being conducted against deep web sellers that helped the regulators to cease the biggest LSD volume in history.

In addition to virtual coins, the police also confiscated 800,000 LSD blotters, €3.3 million ($3.85 million) in fiat and real estate property plus ten luxury cars.  The dealers have been accused of selling illegal drugs in more than 100 countries and have run their businesses since 2012.

The suspects allegedly sent packages to over 100 countries, camouflaging the drugs as legal products, including additives for cement. Two drug laboratories were shut down as a result of the investigation.

As of now, the details of the digital currencies and their specific proportions have not been informed yet. The raid was conducted via collaboration between the Spanish Civil Guard and European law enforcement agency Europol.  A total of eight people were arrested from Spain and Austria.

In an official statement, EU said, “Two of the web pages managed by the organization enjoyed a great reputation, being the most known and exclusive worldwide in this field,” Europol said in a statement.

It should also be noted that US authorities also conducted an undercover operation against dark web drug syndicate. The investigators were able to cease over 2,000 BTC and have acclaimed that arrested sellers still hold the same amount of BTC’s with them.

Charge James J. Hunt, DEA Special Agent, stated, “At this crucial time of unprecedented drug-related deaths, one of the greatest threats we face is cyber drug trafficking.”

American authorities are fully focused on clamping down Initial Coin Offerings or ICOs to terminate the chances of frauds and scams but have not been bothered about the use of digital coins in underground trade.

In a recent report, an FBI, US Federal Bureau of Investigation, declared that the agency is dealing in almost 130 crypto related crimes. Kyle Armstrong, the supervisory special agent, clarified that the numbers are far less than the number of pending cases. But, it was also informed that majority of the cases were related to sellers from the deep web.

The agent disclosed the information while speaking at the digital-asset industry conference in New York. The crimes were related to illicit drug activities, human trafficking, ransomware attacks and kidnapping.  He noted that agency has been scrutinizing drug dealing especially the ones that are suspected to involve virtual currencies.

One should know that cases of unauthorized elements being sold over the deep web have increased with the popularity of crypto coins. Again, the police are still not able to bust most of the activities due to the combined anonymity of cyber coins and Tor.

It is hoped that regulators come up with new policies to minimize such events as they are highly devastating for a nation’s growth.  Meanwhile, criminal groups are enjoying the best time of the lives due to the absence of a centralized authority in crypto transactions.

About the author

tokenrepair

Fred is a successful entrepreneur and investor. His passion to share his knowledge and to analyse the highly unregulated cryptocurrency market brought him here. His experience gives him a strategic edge amongst others.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *