Dutch police arrest suspected Bitcoin thief by tracing transactions on blockchain


On September 6, Dutch police arrested a 39-year-old man in the Netherlands on suspicion of stealing tens of millions of dollars worth of Bitcoin. statement by the Dutch authorities.

After his arrest, police raided his home and seized data carriers and cryptocurrency profits. He remains a suspect and an investigation into his alleged crimes is ongoing. Police detained an unidentified man in Veenendaal and released him on September 8.

Previous investigations revealed that he used malicious software in the open-source Electrum wallet to launder bitcoins. In other words, he used a fake version of his Electrum wallet to disguise his own transactions.

Once secured, the stolen Bitcoins were converted to Monero (XMR) and vice versa. He also used cryptocurrency exchange Bisq to obfuscate the source of criminal transactions during the process.

Dutch Police Track Bitcoin Transactions

Monero claims to offer confidentiality and untraceable transactions. However, once converted to Bitcoin, the transaction is published on the Bitcoin blockchain network.

Bisq is a decentralized exchange that allows users to conduct peer-to-peer transactions to anonymously exchange Bitcoin for fiat currency or other digital assets.

Joint research

The investigation is still ongoing, with the Dutch police cybercrime team in the central Netherlands and the cybercrime team in the eastern Netherlands working together to bring the suspects to justice.

Continued efforts are also underway to exchange information between police, banks and businesses to identify other potential suspects, officials said.

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