Latvian Police Seize Crypto Worth $126K in Bust of Suspected Cybercrime Ring
The “large-scale" money laundering operation ran from 2015 through 2020, police officials allege.
Latvian state police said they dismantled an organized cybercrime ring, seizing over 110,000 euros ($126,926) in cryptocurrencies from the alleged perpetrators.
- Police said Monday they had confiscated 110,000 euros worth of bitcoin (BTC), ether (ETH), XRP and tether (USDT) from the group.
- Additionally, over 12 raids they seized 280,000 euros ($323,084) and $37,000 in cash, 11 properties and three cars.
- The gang is alleged to have engaged in “large-scale" money laundering from 2015 through 2020.
- Officials arrested and charged three suspects with committing cyber fraud, procuring reams of private account data on the dark web, laundering money through gold and cryptocurrency, and targeting at least 1,000 victims around the world.
- In a press statement, Latvian authorities declined to elaborate on the crime syndicate’s fraud tactics, saying that information was sensitive to the ongoing investigation.
- Criminal proceedings began in late February, they said.
- If convicted the suspects face three to 12 years in prison.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.