HomeCryptocurrencyBitcoinBitcoin in Center of Dark Web Drug Dealing Case in Holland

Bitcoin in Center of Dark Web Drug Dealing Case in Holland

-

Accused of laundering hundreds of thousands of euros through the digital currency Bitcoin, six men are facing charges in a Dutch court for apparently selling Bitcoin paid for by illegal drug sales.

The men face potential sentences ranging from six to 36 months for crimes relating both to drug possession, as well as money laundering.

There has been a crackdown on Bitcoin-related crimes as criminals continue to try and use it as a means to enact illegal and anonymous payments.

Trading dirty Bitcoin

The suspects allegedly met with Bitcoin traders in places with public access to wifi, swapping their ill-gotten online currency acquired on the Darknet for hard cash.

The Bitcoin traders “as opposed to normal currency exchange shops, did not ask for identification papers nor about the origin of the Bitcoins,” prosecutors said in a statement.

Denying the charges

All six of the men, while appearing in front of the court, one by one denied the charges insisting they had acquired their Bitcoin haul legally.

“My client is accused of having sold more than 460,000 euros in Bitcoin which he supposedly earned through drug trafficking,” one lawyer Marielle van Essen told judges.

“We complete refute it,” she said.

“I had a job, a good salary and no rent to pay. I acquired Bitcoins in a completely legal way,” said her client, identified only as Mr. Bischop.

Where did the Bitcoin come from?

The issue and attraction of Bitcoin is that it does not leave much of a paper trail and helps people remain anonymous in their transactions.

Prosecutors, however, said the defense “was unable to explain the origins of the astronomical sum of money” earned by the accused, stressing that money-laundering posed “a serious threat to our society.”

LATEST POSTS

Cyprus registers Binance as a cryptocurrency service provider.

Binance, a cryptocurrency exchange, will be able to provide services for virtual currencies in Cyprus as a result of the platform's recent registration with the...

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

Usdt, the largest dollar-pegged stablecoin on the market, was created by Tether, a company. Tether recently announced that more than 24,000 ATMs in Brazil will...

To solve the blockchain modularity issue, Celestia raises $55 million.

The project Celestia, which seeks to address the alleged centralization issue in the current monolithic blockchains, has announced the completion of its most recent funding...

Hong Kong considers removing the “Professional Investor-Only Requirement” and allowing retail investors to trade cryptocurrency.

Securities and Futures Commission (SFC) of Hong Kong's director of licensing and head of the fintech division both confirmed that the regulator is taking into...

Follow us

13,033FansLike
3,677FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img