A 33-year old Danish-native accused of Bitcoin money laundering has been sentenced to four years in prison. The court declared that the accused was aware of the provenance of the big sums of money received.
Reports indicate that the verdict is another example of the Danish authorities trying to clamp down on criminal activities in the country’s digital space. The country’s police say it will redouble its efforts in catching cybercriminals and bringing them to justice.
Accused Knowingly Laundered Money Using Bitcoin
According to reports in the local Danish media, the accused individual knew that the money he was receiving came from criminal activities. TV2 reports that the 33-year old admitted to the crime of money laundering which earned him a sentence of four years and three months.
Police authorities say the accused received money from criminal elements and converted them to Bitcoin. The laundered funds in Bitcoin were then subsequently transferred to offshore accounts.
In a report published by the North Jutland police, the arrest and prosecution of the accused came about via investigations into another crime. Law enforcement agents while attempting to get to the root of an extortion scam linked to a 44-year old North Jutland resident, found bank accounts that led back to the accused.
According to Police Commissioner, Troels Jul Kjærgaard:
“Through the investigation of credit card abuse, we discovered a foreign bank account, where Bitcoin transfers from the 33-year-old man were seen.”
Apart from the money laundering, the 33-year also got convicted of charges relating to hacking. According to reports, the accused took control of various servers to siphon the computing power of many victims without their knowledge.
Meanwhile, the extortion which later turned out to be linked to the money laundering case also saw the perpetrators sentenced to time in prison. The 44-year and another 32-year North Jutland native cupped 27 months and 15 months respectively.
Danish Police Hails its Digital Presence
Responding to the outcome of the case, the police authorities commended themselves on a job well done. In a press release, Commissioner Kjærgaard said the country’s law enforcement has proven once again that it isn’t incapable of fighting cybercrime.
Praising the efforts of the Danish polish, Commissioner Kjærgaard opined:
“We have the competencies, and we are willing to prioritize the resources to investigate complex cases on the Internet.”
According to the police commissioner, the success of law enforcement in the case was down to the collaborative efforts of numerous stakeholders. Both the North Jutland Police and the Danish national IT investigation unit, NC3, participated in the investigation.
Reports indicate that the country is paying attention to the use of Bitcoin and other cryptocurrencies in financial crimes. To this end, the Danish police say it is becoming more acquainted with forensic analysis of blockchains to trace crypto-enabled money laundering and other forms of illicit activities.
Law Enforcement Clamping Down on Cryptocurrency Crime
Outside Denmark, other countries are making efforts to clamp down on financial crimes carried out using virtual currencies. Recently, a Canadian judge ordered a convicted drug dealer to forfeit more than 180 bitcoin ($936,000) that were proceeds from his illegal drug trafficking.
There is also a multitude of cryptocurrency scams that law enforcement officials continue to grapple with. As previously reported by Blockonomi, the Indian police have arrested several cryptocurrency con artists.
Apart from money laundering and Bitcoin scams, cybercriminals are also attempting to use cryptocurrencies in “sextortion” schemes. These criminals are reportedly using phishing scams to lure people into falling victim to blackmail and threats. Reports even indicate that some are impersonating government officials to add validity to their claims.