Man arrested on suspicion of Electrum BTC wallet scam

A man suspected of laundering stolen funds linked to the crypto wallet Electrum has been arrested in the Netherlands.

The unidentified 39-year-old man was held 35 miles southeast of Amsterdam in a town called Veenendaal and was released on September 8.

According to the Dutch cyber police, the man had previously laundered tens of millions of euros and attempted to cover his tracks by using decentralized exchange Bisq and privacy coins such as Monero (XMR).

However, he was unsuccessful in his illicit endeavours and identified through Bitcoin (BTC) transactions.

The Dutch police said he is still a suspect associated with the funds stolen from Electrum and they have seized his cryptocurrencies.

“Cryptocurrency, like ordinary money, is vulnerable to all kinds of crime. The anonymous and cross-border nature of cryptocurrency affords opportunities for criminals”, the police said.

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Written by Velma

Senior CGN journalist

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