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ExtraTorrent.cc > Articles > 10 People Arrested in Netherlands for Bitcoin Money Laundering

10 People Arrested in Netherlands for Bitcoin Money Laundering

10 People Arrested in Netherlands for Bitcoin Money Laundering

Added: Monday, January 25th, 2016
Category: Recent Headlines Involving File Sharing > Ridiculous Criminal Trials
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, www.extratorrent.cc, 2016
Ten people were arrested in the Netherlands following the results of an international investigation into money laundering through sales of the Bitcoin.


The Dutch police raided 15 places in 8 Dutch towns on January 19 as part of the above-mentioned investigation. During the raid, they seized luxury cars, cash and the ingredients to cook ecstasy. According to the reports of the law enforcement agencies, bank accounts and Bitcoin accounts were also seized thanks to cooperation with the United States, Australia, Lithuania and Morocco.

The banks were the first to raise an alarm after they saw large amounts of money being deposited before being immediately withdrawn at cashpoints. The banks and the police didn’t disclose the amount of money involved.

The matter is that criminals operating in the dark web – illegal online marketplaces trading in everything from firearms to drugs – often use a cryptocurrency known as Bitcoin for settlements. So far, Bitcoin trade is not regulated or monitored by financial authorities and is therefore an attractive way for criminals to launder funds.

Such cryptocurrency is generated by complex chains of interactions among a huge network of computers around the world. Moreover, the uniqueness of Bitcoin lies in the fact that unlike traditional currencies, it is not backed by any government or central bank. However, the initial success of the digital currency has been met with a number of highly publicized setbacks – for example, one of its biggest exchanges, the Japan-based MtGox, went bankrupt last year after admitting 850,000 coins ($480m at the time) had disappeared from its digital vaults. Then, Bitcoin’s reputation was also damaged when the American authorities seized funds in Bitcoin as part of an investigation into the online black market Silk Road.

Posted by: 

Date:  Monday, January 25th, 2016

Comments (4) (please add your comment »)

posted by (2016-01-25 19:29:53)
Solcis avatarThe authorities refuse to recognize Bitcoin as money or currency in any way... except when they want to take it. Then it conveniently becomes money because unless it's called that, it can't be laundered and therefore isn't a crime. Funny how government criminalizes victimless acts and makes illegal something that isn't a crime in the first place.

posted by Trusted UploaderSite FriendET loverSupermanKitty (2016-01-25 23:05:37)
SirSeedsAlot avatarwhy don't they like clean money?

posted by (2016-01-27 02:22:39)
alfranatic avatarFacts of Life/An example.

The Netherlands.

It ís legal to use any kind of drug for an adult citizen of The Netherlands.
At festivals,disco's and in major cities you can get your dope tested.
For example ecstacy,cocaine,etc.

Soft drugs are (legally) obtainable in coffeeshops.You do need to show some kind of I.D. offcourse.Why not..no problem..

So you start producing marihuana or ecstacy,because you are asked to do so because of the huge demand.

Naturally you are manufacturing a good product and in time your business will expand and gets well organised.After some years one may have some 20 to 50 employees(no child labor),all earning clean honest money and yes indeed taxes are being paid.!!(a rather complex procedure,but nevertheless).

Then along comes "THE WAR ON DRUGS"and "THE WAR ON BITCOIN" and now savings,which go into Bitcoin are being seized on authority of some 3 letter organisation,which is (at the least partially)being financed by above mentioned raids/seizures/thefts.

It's exactly as Solcis describes it.It's funny,indeed..very,very funny.

Well,at least one can take some comfort in the knowledge ,that there are about 20 other cryptocurrencies and who doesn't like "the good old Bahama's.."

posted by (2016-01-27 20:08:22)
No avatarNO its not funny its criminal. that we are forced to handle paper money which is worthless backed by bankrupt Governments around the world, the house of cards will collapse in the not to distant future

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