Highlights:
- Gardaí seize €6.5 million in crypto from Dublin darknet raid
- Emollient Coin Limited was targeted in a significant Indian crypto fraud probe
- Q2 2024 sees $572.7 million lost to crypto hacks and scams
Gardaí seized cryptocurrencies worth about €6.5 million in a significant operation in Dublin. This action forms part of an ongoing investigation into illegal activities on the darknet, including the sale of illicit materials and money laundering. The seizure included popular digital currencies such as Bitcoin and Monero.
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Three people arrested after €6.5m worth of cryptocurrency seized by gardaí in Dublin raid https://t.co/9S9mlTkuCT
— The Irish Times (@IrishTimes) August 8, 2024
Dublin Raid Results in Arrests and Seizure of Assets
During a raid on a north Co Dublin residence, Gardaí arrested three individuals: two men, aged 23 and 49, and a 32-year-old woman. The operation confiscated cryptocurrency and luxury items, including watches worth over €120,000 and two high-powered vehicles valued at about €220,000.
These arrests and seizures were executed by the Garda National Cyber Crime Bureau (GNCCB), Which Highlights its ongoing efforts to dismantle criminal networks operating online. The 49-year-old man and the 32-year-old woman have since been released, with a file being prepared for the Director of Public Prosecutions. The younger man remains in custody and is under further investigation by authorities.
Legal Developments in Darknet Crime Investigation
Detective Superintendent Michael Mullen of the GNCCB shared insights into the operation. He noted its success came from detailed investigations into darknet criminal activities. These investigations focus on disrupting illegal marketplaces and tracking financial transactions linked to criminal activities.
The legal actions against those arrested involve serious allegations. Authorities suspect the men are boosting a criminal organization’s ability to commit serious offenses. This violates Section 72 of the Criminal Justice Act. Authorities are holding the woman on suspicion of crimes related to money laundering and terrorist financing, as dictated by the Criminal Justice Act.
Crackdown on Emollient Coin Limited by India’s ED
India’s Enforcement Directorate (ED) recently launched raids at six locations linked to Emollient Coin Limited, a firm implicated in a significant cryptocurrency fraud. Last week, raids targeted the company’s founders and key operators. Authorities accused them of running a scheme that promised high returns to lure investors.
The investigation into Emollient Coin Limited started in 2020. Following multiple complaints to the Additional District Magistrate in Leh, investigators found that the company, claiming to be based in London, was allegedly involved in a major financial scam. Consequently, the Enforcement Directorate (ED) initiated a formal probe to determine the full scope of the fraudulent activities.
A Surge in Crypto Hacks and Scams in Q2 2024
According to a report from Immunefi, the cryptocurrency sector experienced significant losses in the second quarter of 2024, amounting to $572.7 million across 72 incidents. This figure marks a 70.3% increase from the first quarter’s losses of $336.3 million. It more than doubled the losses from the same period in 2023, which were $265.5 million. These losses, mainly from attacks on centralized exchanges, totaled $920.9 million this year, up 24% from last year.
🚨 Crypto Hacks and Scams Double, Reaching $572M in Q2 2024
Crypto losses from hacks and scams soared by 113% in Q2 2024, reaching $572 million compared to $220 million in Q2 2023, as reported by @immunefi.
CEX hacks were the main contributors, reversing a previous downtrend.… pic.twitter.com/0QV36wYm1b
— VERITAS PROTOCOL (@veritas_web3) June 27, 2024
Despite the rise in crypto-related theft, stolen funds have been successfully recovered. In Q2 2024, about $26.7 million, or 5% of the total losses, was recovered. This shows a slight improvement from the 3.9% recovery rate of the previous year.
The Garda National Cyber Crime Bureau is advancing digital forensics and cybercrime investigation. Their goal is to secure the digital landscape against evolving criminal threats. This operation disrupts a potentially large-scale criminal enterprise and serves as a stern warning to others involved in similar activities.
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