Dutch Police freezes Crypto wallet worth $29M Following Criminal Investigation

In a cooperative action with a crypto exchange, Dutch seized a crypto wallet. Crypto wallet transactions were linked with illegal activities. 

With the increasing adoption of crypto, illegal activities associated with crypto are also increasing. But government official intelligence experts are also increasing their ability to trace the illegal and illicit transactions in the blockchain industry. 

In the latest, the Dutch Police department found a trace of a crypto transaction with a wallet of crypto exchange. Dutch police ordered the Crypto exchange to seize the crypto account. The wallet contains a total of $29 million worth of crypto assets. 

According to reports, the transactions involved in the crypto wallet was linked with the many types of illegal activities like drug dealing, human trafficking, fraud, tax evasion etc. 

The report also confirmed that people involved in the illegal crypto transactions were from local and international markets.  

 Police authorities didn’t explain, what they will do next with this amount of crypto assets. But probably they may add in the treasury account of the government authority. 

Management issues with the seized crypto assets 

One of the findings claimed that authorities will convert the assets into stable coins because of the high fluctuations in the price, however officially no announcement was made regarding this. 

At present, authorities have seized crypto assets from different kinds of illicit activities like blackmail scams, fake COVID-19 vaccines, and illegal sales on the dark web. 

In the present time, many countries’ governments are thinking of bringing better and impactful rules to seize crypto assets because traditional rules are not applicable because of high fluctuations. So probably there is a need for a special kind of team by the government authorities, which can handle the crypto funds for better use like trading or managing it into cash by selling. 

Read also: With crypto, people want to conduct criminal activity: Bank of England Governor