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Cryptocurrencies

Arrests made in the UK, Netherlands for EUR 24 mln cryptocurrency theft

Wednesday 26 June 2019 | 01:47 PM CET

The UK’s South West Regional Cyber Crime Unit with the Dutch police (Politie), Europol, Eurojust, and the UK’s National Crime Agency (NCA) has made 6 arrests for theft.

After a 14-month long investigation, they concluded that the theft cumulated a total of EUR 24 million cryptocurrency. The fraudulent action targeted users’ Bitcoin tokens, and it is believed to have affected at least 4 000 victims in 12 countries. This case was referred to the European Cybercrime Centre (EC3) and the Joint Cybercrime Action Taskforce (J-CAT) hosted at Europol after the British authorities identified possible suspects living in the Netherlands.

The investigation relates to typosquatting, where a well-known online cryptocurrency exchange was ‘spoofed’ or recreated to imitate the genuine site. This is usually done by fraudsters to gain access to victims’ Bitcoin wallets, stealing their funds and login details.

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