Irish Authorities Seize $7.1M in Cryptocurrency

[Yamane_Keto]

Bitcoin and Monero:
https://www.garda.ie/en/about-us/our-departments/office-of-corporate-communications/press-releases/2024/august/gnccb-investigation-into-darknet-markets-and-money-laundering-involving-cryptocurrencies-north-co-dublin-5th-august-2024.html

In a similar case, when the government seized Monero balance, it was resold in the market despite claims that it was the currency used by those who wanted to carry out illegal activities.

https://decrypt.co/239481/uk-sells-monero-tokens-seized-convicted-drug-dealer

[Gurujebs]

Detectives from the Garda National Cyber Crime Bureau (GNCCB) in Ireland seized cryptocurrency worth approximately €6.5 million ($7.1 million) during a raid in North County Dublin on Monday. The operation, supported by the Armed Support Unit, was part of a major investigation into money laundering and the sale of illegal goods on darknet markets. In addition to the substantial cryptocurrency haul, the authorities also confiscated luxury watches valued at over €120,000 and two high-powered vehicles worth around €220,000.

https://news.bitcoin.com/irish-authorities-seize-7-1m-in-cryptocurrency-amid-darknet-money-laundering-bust/
It was not mentioned what cryptocurrency was seized but it seems that they are involved in money laundering activities and cryptocurrencies are part of their plan.

I'm waiting for the day same government are going to walk shame people that used terrorism and some bad business to launder money they are slamming on crypto. Money laundering is a big threat all over the world, they shouldn't make it look like it's only in crypto world that it happen. Even the government officials are guilty of money laundering in fiats most especially.

I think we also need some representatives that can help crypto vendors fight for their money. It's not everytime the government see money and feel like stealing it and be using some lame excuses like money laundering they claimed everyday.

[yhiaali3]

They are probably still wondering how it is possible that they were discovered, and they were using "anonymous" cryptocurrencies. They will have time to think about it in prison.

We have a popular proverb here in my country that says "the thieves are not discovered when they steal, but they are discovered when the spoils are divided" This means that they may have disagreed on the distribution of the stolen goods or perhaps one of them informed on his companions to the police, no one knows.

The important thing is for everyone to know that no one can get away with his illegal act, even if it is an anonymous cryptocurrencies, he will be discovered sooner or later.

[|MINER|]

Kudos for the authorities to detect and sieze those crypto used in illegal activities like the most common money laundering. Though it will not have a huge impact on us or the market but restrictions on the use of cryptocurrency might also be seen alarming here especially if the government has a lot of crypto critics rather than adopters. This is the only concern I am worried about especially here in my country as cryptocurrency was used in love scams, kidnap for ransom and pther illegal activities that might caught the governments attention to implement a much more tight regulations.

I want to also say the same thing because of the seize amount is high but I don't think this is not that much high amount which can make impact on the market. So we will see the market as the generally going on.
I want to also say the same thing because of the seize amount is high but I don't think this is not that much high amount which can make impact on the market. So we will see the market as the generally going on.

[Lucius]

In a similar case, when the government seized Monero balance, it was resold in the market despite claims that it was the currency used by those who wanted to carry out illegal activities.
https://decrypt.co/239481/uk-sells-monero-tokens-seized-convicted-drug-dealer

"They" have no problem seizing and selling any cryptocurrency, no matter how bad and dangerous it is in their opinion - they just "launder" it in a legal way and return it to the system so that some other "criminals" can use it. It looks quite hypocritical, but the law is written by those who, in the end, implement it - and we little people must respect those laws, or the full force of the state institutions will fall on us.

~snip~
The important thing is for everyone to know that no one can get away with his illegal act, even if it is an anonymous cryptocurrencies, he will be discovered sooner or later.

I wouldn't agree with that, the real question is how many criminals get away compared to the ones they catch? This of course depends from country to country and to the capabilities and corruption of the system. There are always criminals who are extremely intelligent and not too greedy and know how to stay under the radar - such people will certainly not buy an expensive car or watch where everyone knows them, but will be smart and patient until they decide to spend their earnings somewhere far away.

[Vx1]

This is the fault of the cryptocurrency owner, if it is true what the government of the country suspects that they are laundering money in that way. Then the person concerned can be punished with a criminal case, this is what many countries fear about cryptocurrency.
I hope this does not happen in my country, and let's use this cryptocurrency properly and correctly according to its function. Stop committing crimes, which of course can harm ourselves and others.

[Fivestar4everMVP]

Detectives from the Garda National Cyber Crime Bureau (GNCCB) in Ireland seized cryptocurrency worth approximately €6.5 million ($7.1 million) during a raid in North County Dublin on Monday. The operation, supported by the Armed Support Unit, was part of a major investigation into money laundering and the sale of illegal goods on darknet markets. In addition to the substantial cryptocurrency haul, the authorities also confiscated luxury watches valued at over €120,000 and two high-powered vehicles worth around €220,000.

https://news.bitcoin.com/irish-authorities-seize-7-1m-in-cryptocurrency-amid-darknet-money-laundering-bust/
It was not mentioned what cryptocurrency was seized but it seems that they are involved in money laundering activities and cryptocurrencies are part of their plan.

Well well, thanks very much for sharing but this news really have nothing to do on this board as I personally do not see the value it adds or brings here..
A better board where you should have posted is the News related to Crypto board, this board is mainly for discussions that being value to the users of crypto, and not a place to share such news.

Anyways, thats by the way, it's not surprising that some people are beginning to use crypto as a means of laundering money, and this calls for those who are in charge of this preventing stuffs like this to step up their game, cus as tech is becoming more advance, so it crime as well.

[yhiaali3]

~snip~
The important thing is for everyone to know that no one can get away with his illegal act, even if it is an anonymous cryptocurrencies, he will be discovered sooner or later.

I wouldn't agree with that, the real question is how many criminals get away compared to the ones they catch? This of course depends from country to country and to the capabilities and corruption of the system. There are always criminals who are extremely intelligent and not too greedy and know how to stay under the radar - such people will certainly not buy an expensive car or watch where everyone knows them, but will be smart and patient until they decide to spend their earnings somewhere far away.

I agree with you that if the system is corrupt, many criminals will get away with it through bribes or strong relationships with corrupt officials, but I have a feeling that the criminal will get his punishment in the end.

Certainly not all of them, but at least I think the majority of them, I heard many stories where crimes were discovered after twenty or thirty years and the criminal got his punishment, so this is just a personal feeling and may not be true, but it is just a belief or conviction.

[SamReomo]

They are probably still wondering how it is possible that they were discovered, and they were using "anonymous" cryptocurrencies. They will have time to think about it in prison.

That's the power of social engineering. I believe some of those detectives used social engineering techniques to find those criminals because it won't be easy to discover about such thing as those criminals were using anonymous coins.

[Lucius]

They are probably still wondering how it is possible that they were discovered, and they were using "anonymous" cryptocurrencies. They will have time to think about it in prison.

That's the power of social engineering. I believe some of those detectives used social engineering techniques to find those criminals because it won't be easy to discover about such thing as those criminals were using anonymous coins.

BTC is not anonymous, except for those who want to believe that it is true, and the fact that it may be impossible for us mere mortals to track the transactions of so-called "private coins", for those who have unlimited resources and tools, nothing is impossible. If you do some really bad things, there is no coin or tool that will protect you when you are online.

[Kemarit]

They are probably still wondering how it is possible that they were discovered, and they were using "anonymous" cryptocurrencies. They will have time to think about it in prison.

That's the power of social engineering. I believe some of those detectives used social engineering techniques to find those criminals because it won't be easy to discover about such thing as those criminals were using anonymous coins.

They could be under the radar already, and so the authorities just waited for the right time to arrest them and most likely this criminals believed that they are anonymous and untraceable and so they continue to do with without being careful.

And when we thought that we are all anonymous, that should not be the case. We have seen lots of blockchain analytics already trying to de-obfuscate every criminals trying to hide under the guise of cryptocurrencies.

[Faisal2202]

Detectives from the Garda National Cyber Crime Bureau (GNCCB) in Ireland seized cryptocurrency worth approximately €6.5 million ($7.1 million) during a raid in North County Dublin on Monday. The operation, supported by the Armed Support Unit, was part of a major investigation into money laundering and the sale of illegal goods on darknet markets. In addition to the substantial cryptocurrency haul, the authorities also confiscated luxury watches valued at over €120,000 and two high-powered vehicles worth around €220,000.

https://news.bitcoin.com/irish-authorities-seize-7-1m-in-cryptocurrency-amid-darknet-money-laundering-bust/
It was not mentioned what cryptocurrency was seized but it seems that they are involved in money laundering activities and cryptocurrencies are part of their plan.

I think it does not matter which cryptocurrency was used because authorities will target crypto as a whole but it's a good thing that they get caught and now the funds are seized by the governments and they will sell them whenever they want, I don't think the funds would be in BTC form only and if it's not then maybe authorities wait for the alt season to dump the $7.1 or whatever amount is in alts form.

I hope these Money launderers will avoid such acts especially using crypto as a source or keeping funds in crypto form, events like these put a bad image of crypto out their in front of people who are still traditional and hesitate to adopt it.

[SamReomo]

BTC is not anonymous, except for those who want to believe that it is true, and the fact that it may be impossible for us mere mortals to track the transactions of so-called "private coins", for those who have unlimited resources and tools, nothing is impossible.

Yes, BTC isn't anonymous and I'm pretty sure most of those criminals also know that.  If I'm not wrong then most of the illegal activities are funded by altcoins like Monero that offer higher level of privacy than Bitcoin. But, I agree that no matter how good a criminal is he/she will always get caught.

[Crypto Library]

Yes, BTC isn't anonymous and I'm pretty sure most of those criminals also know that.  If I'm not wrong then most of the illegal activities are funded by altcoins like Monero that offer higher level of privacy than Bitcoin. But, I agree that no matter how good a criminal is he/she will always get caught.

Bitcoin is anonymous until you publish the public address of yours and if you use the bitcoin mixers then it's quite impossible  to find or tracing.
Now if the subject is Monero then I want to say it has been already re known by the privacy coin but bitcoin is not the privacy coin. Privacy coins are made to be untracble or private. And the protocol they are using those are insure the untraceable.
But even I want to say that the volume will be still up in bitcoin because of the trust you know the trust in bitcoin can't be compare with the altcoins.

[TravelMug]

With regards to this news, I remember that Ireland also arrested a drug dealer, with €55m (£46m) in bitcoin and print the mnemonic code in  A4 piece of paper and stash it in the aluminium cap of a fishing rod case kept at his rented home in Farnaught.

However, when he was arrested by the police, the landlord of the house that he rented cleared everything up including that fishing rod that contains those millions.

The ultimate loser may be the Irish state. The Criminal Assets Bureau thought it had hit the jackpot when it confiscated the accounts. “The mnemonic key for the bitcoin is unable to be accessed at this stage,” said a gardaí spokesman. Authorities hope they may some day gain access.

https://www.theguardian.com/world/2020/feb/21/irish-drug-dealer-clifton-collins-l46m-bitcoin-codes-hid-fishing-rod-case