Last week, a 39-year-old man was detained in the Netherlands on suspicion of laundering monies taken via malicious software purportedly linked to the cryptocurrency wallet service Electrum.
The anonymous individual was detained near Veenendaal, around 35 miles southeast of Amsterdam, and was released on September 8. He remains a suspect, and his cryptocurrency has been taken, according to a statement issued by Dutch cyber police on Tuesday.
“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 investigators, the suspect laundered tens of millions of euros (tens of millions of US dollars) and attempted to hide his tracks by using the privacy token monero (XMR) and the decentralized exchange Bisq. Bitcoin transactions led to his identification.
The European Union has established new laws to make it more difficult to remain anonymous when using cryptocurrency in an effort to combat money laundering. Authorities in the United Kingdom and France are also working to make it simpler for police to seize crypto assets during investigations.