Earlier today, a Danish court sentenced a 33-year-old man to four years and three months in prison after it found him guilty of laundering money through Bitcoin.
According to reports, the man accepted that he received large sums of money that came from criminal activities severally. He then changed the funds into Bitcoin and deposited the crypto coins in a foreign account. He had two other criminals that worked with him. The other two men would then withdraw the money from the accounts.
Troels Jul Kjærgaard, the police commissioner of North Jutland, Denmark stated that the outcome of the case had satisfied him. In an official press release, Troels said,
We have the competence, and we are willing to prioritize resources to investigate even complex crimes committed online.
He added that this case shows that the Danish police also has jurisdiction over the internet.
The 33-year-old Man Had Been Arrested Before
On top of laundering more than 3,000,000 Danish Krones (Approximately $450,000). The 33-year-year-old man had been arrested several times because of hacking. He also used his skills to steals to steal the computing power of other people.
Police Discovered the 33-year-old Man Through Interrogating Another Criminal
Troels revealed that the police got wind of the 33-year-old man while questioning another 44-year-old man. The 44-year-old man had been arrested for extortion. The police accessed the man’s accounts and found that there were loans and abused payment cards. Further investigations found that the account had Bitcoin transfers from the 33-year-old man.
The other two men are aged 44 and 32. They are both from North Jutland. The older man was sentenced to two years and three months in prison while the 32-year-old man got a year and three months in prison. Both men were charged with violence and extortion. They have not yet received sentences that relate to the Bitcoin case.
The Danish Police Force Did Not Work Alone
According to reports, the police from North Jutland did not work alone in capturing these criminals. They had help from the national IT investigation team named ‘NC3.’
Other Similar Arrests
Last year, Spanish authorities arrested 11 people in a money laundering case involving cryptocurrencies. The group had laundered more than €8 million at the time of the arrest. It dealt with money from narcotics traffickers.
The New South Wales (NSW) police arrested a couple over money laundering charges involving cryptocurrencies. The police also charged the couple with credit card theft.
UK authorities arrested a man and charged him with crypto-related money laundering earlier this year in Oxford. The man allegedly stole more than €10 million from IOTA.
Do you know of any other money laundering cases involving cryptocurrencies? Let us know in the comments section below.