A 39-year-old man was arrested last week in the Netherlands on suspicion of laundering funds stolen using malicious software that purported to be linked to crypto wallet service Electrum.
The unidentified man was held in Veenendaal, about 35 miles southeast of Amsterdam, and was released on Sept. 8. He remains a suspect and his crypto has been seized, Dutch cyber police said in a Tuesday statement.
“Cryptocurrency, like ordinary money, is vulnerable to all kinds of crime,” the police said. “The anonymous and cross-border nature of cryptocurrency affords opportunities for criminals.”
According to the police, the suspect had laundered tens of millions of euros (tens of millions of U.S. dollars) and had sought to cover his tracks using privacy coin monero (XMR) and decentralized exchange Bisq. He was identified through bitcoin (BTC) transactions.
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.