Irish Authorities Seize $7.1M in Cryptocurrency

[Yamane_Keto]

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.

[Crwth]

It's great that they were able to Prevent illegal activities and the use of cryptocurrency for money laundering. What I am worried about now is how they are going to liquidate that, or is it in their plan to do it?

[Zed0X]

Irish politicians/regulators calls for more restrictions on cryto use in 3,21... The seized crypto are likely to be sold after the case is settled but unlike what the German Government disposed, this one isn't that significant to influence the market.

[Stompix]

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.

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

It's great that they were able to Prevent illegal activities and the use of cryptocurrency for money laundering. What I am worried about now is how they are going to liquidate that, or is it in their plan to do it?

Why are you worried about it?
It makes really no difference, if those guys had wanted to buy a luxury house just as they did with those two sportcars they would have sold the coins to do so, it's a free market, we can't put restrictions on the amount you're able to sell or it would be a system worse than banks.

[Doan9269]

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.

Its quite a while now that we have been hearing about some of the seized crypto asset in which there were no cognate account on them, but later all we hear is that they have been auctioned, now that this was seized, we only know the amount seized but we are unclear of the coins involved, i hope many of us were learning their own lessons from the use of centralized exchanges for keeping our financial digital assets, censorship and other regulations wont let them be over there.

[Lucius]

Another story about how some "smart guys" were smart and used cryptocurrencies to stay under the radar, they just made a standard stupid move and started buying luxury cars and watches while maybe at the same time they were unemployed and receiving financial assistance from of the state

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.

[target]

Another story about how some "smart guys" were smart and used cryptocurrencies to stay under the radar, they just made a standard stupid move and started buying luxury cars and watches while maybe at the same time they were unemployed and receiving financial assistance from of the state

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.

Thats how police usually find out who pulled out the last heist, they check out who are those guys in town spending like saylors. Old police work does the job.

Maybe they are trying to follow some investment advice and diversification such as buying expensive watches and luxury cars. Probably the geeks just too excited to get girls using their cars.

[famososMuertos]

It's the same as always with this type of news, what is the relevance here with cryptocurrencies, they always want to give relevance to the dark side, as if now any crime is associated with cryptocurrencies as a "participatory" element, so, it does not occur in a disproportionate relationship with the USD, if we compare them, when this same type of news happens and involves Fiat, opposite case does not exist, "100 million dollars," and! well, well, the value of "x" millions of "cryptocurrencies" is estimated.

[akeemqaz]

Hopefully, they will keep the coins or find a way to return them to their owners instead of just selling them. I wonder where these seized coins end up. If anyone knows, please share.

[Baofeng]

Hopefully, they will keep the coins or find a way to return them to their owners instead of just selling them. I wonder where these seized coins end up. If anyone knows, please share.

I'm pretty sure you know that crypto doesn't have any name right? So how can the authorities return it even if they wanted to?

In any case it was good that the Irish authorities was able to stop the 3 and seized those cryptocurrencies and it's more of the government trying to prevent it's uses for money laundering. So good job for the authorities to catch this culprit and give them a lesson.

[NotATether]

Money laundering is illegal everywhere so I am not surprised by this action.

You can't just do something illegal such as siphoning money from somewhere and then expect to be able to spend the proceeds from it however you like. It needs to be returned to its owners, from who these criminals have stolen from and then tried to launder for themselves.

[Stompix]

It needs to be returned to its owners, from who these criminals have stolen from and then tried to launder for themselves.

There are no victims in this case, all the money is from selling illegal stuff on darknet, the money laundering is for them trying to erase the trace from where those came from, it's the usual, a few guys telling mostly drugs for crypto then trying to make that money seem legit while exchanging it for fiat and buying stuff.

The state will get it all, including what they will sale those cars and jewelry for.

[Mr. Magkaisa]

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.

          -     Probably the cryptocurrency that is not mentioned is a crypto, for sure, that is not really known or included in the top altcoins. Because of the usual common news scams, crypto is not included in the top listing of altcoins.

So that means that those involved people really are MHA experts and scammers. So they were unlucky with the authority, so that was the case. That's why it is important that we have a great knowledge of cryptocurrency.

[Lucius]

Another story about how some "smart guys" were smart and used cryptocurrencies to stay under the radar, they just made a standard stupid move and started buying luxury cars and watches while maybe at the same time they were unemployed and receiving financial assistance from of the state

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.

Thats how police usually find out who pulled out the last heist, they check out who are those guys in town spending like saylors. Old police work does the job.
Maybe they are trying to follow some investment advice and diversification such as buying expensive watches and luxury cars. Probably the geeks just too excited to get girls using their cars.

The police do not necessarily have to deal with such matters, perhaps one of the neighbors reported them because he saw that their lifestyle did not match their income - and then the tax office forwarded the matter to the police. Maybe they were discovered by some undercover government agent, because the darknet is full of them considering the amount of crime that is present there.

There are many possibilities, but the fact is that such "geniuses" do not manage to stay free for long and enjoy their profits.

[0t3p0t]

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.