Dutch authorities seized more than €25 million in Bitcoin (BTC) and other cryptos

Tue 16 Nov 2021 ▪ 16h14 ▪ 3 min read — by Mary Anderson

The Dutch authorities seized more than €25 million (~£21.3 million) in Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies from suspects during an investigation.

This February, a Chainalysis report revealed that in 2019 about 2.1% of all crypto transactions were related to illegal activities. In 2020, this figure fell by 0.34%, yet, the experts are confident that in 2021 the number of transactions related to money laundering will increase since the crypto industry develops and new types of crimes appear.

The Dutch authorities stated that cryptocurrency is most often used for tax evasion, human and drug trafficking, and various forms of fraud. This year, representatives of the Dutch Fiscal Information and Investigation Service (FIOD), the National Criminal Investigation Department (DLR), and the Public Prosecution Service (OM) joined forces. They seized more than €25 million (~£21.3 million) in BTC, ETH and other cryptocurrencies from dozens of digital wallets related to criminal activity.

Cooperation with crypto exchanges and other countries

It is reported that Dutch and foreign crypto exchanges helped seize funds from the wallets of the suspects. According to the authorities, all seized assets will eventually be transferred to the state treasury.

During the investigation, it turned out that criminals most often exchange cryptocurrencies for stablecoins tied to the US dollar to get away with their crimes. Many suspects are located outside the Netherlands, so the country’s authorities want to initiate cooperation with their abroad colleagues.

According to preliminary estimates, about 700,000 Dutch people have invested in Bitcoin through the largest cryptocurrency exchange in the Netherlands – Bitcoin Meesters. However, the total number of investors cannot be identified since the Dutch central bank (DNB) has registered about two dozen crypto service providers.

Let’s hope that with the development of the crypto industry, the methods of identifying crypto criminals will also advance. This would increase the level of confidence in BTC and other cryptocurrencies among people and aspiring investors.

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Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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