Home » Europol Shuts Down Counterfeiting Ring Which Sold $1.44M for Bitcoin

Europol Shuts Down Counterfeiting Ring Which Sold $1.44M for Bitcoin


In what is believed to be the second-largest known most advanced counterfeiting operations in the web’s underbelly, Portuguese police in collaboration with Europol have been able to seize funds worth nearly €70,000 ($77,200).

Fake notes sales

On Sept. 10, Sputnik, a Brazilian daily news outlet, reported that law enforcement officers succeeded in dismantling the ring, which engaged in selling fake notes on the dark web to obtain Bitcoin.

This week, the leader of the syndicate who hails from Portugal was allegedly found and extradited immediately. Since 2017 when they started the operation, they have been able to create €1.3 million in fake money.

Police have even confirmed that the incident was amongst one of the best quality forgeries they had encountered since the monies bear features like holograms, ultraviolet inks and watermarks.

In a statement quoted by Sputnik, Luís Ribeiro — police investigation coordinator— said as follow;

“Often, they are only detected when entering bank deposits. In terms of normal trade, they are banknotes that pass quite easily.”

Easily Swapping money

Perpetrators usually prefer Bitcoin — unforgettable hard currency — over printable fiat, as seen continuously in the news.

In recent weeks, it explicitly stands out as the second cautionary tale to emerge from Europe following the fake gold bars discovery in vaults of some of the globally renowned institutions.

Although there has been a discovery of 1,000 spurious bars as of now, experts still alley fears the entire supply is much bigger.
Canadian Bitcoin consumer platform Bull Bitcoin’s founder, Francis Pouliot, subsequently claimed that bitcoin fixes those issues since it allows individuals to run a full network node in order to verify Bitcoin transactions.

Sources: https://cointelegraph.com/news/europol-shuts-down-counterfeiting-ring-which-sold-144m-for-bitcoin

About the author

James Lovett

James Lovett

James is a passionate writer on cryptocurrency industry and other disruptive technologies in the crypto world. He has written several crypto articles for numerous websites and blogs over the years.

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