Crypto-related crimes represent a serious challenge to law enforcement agencies. Unfortunately, various criminal groups are using cryptocurrencies to conceal their activities. Such cases may affect the process of crypto adoption. Thus, crypto companies in cooperation with officials should identify illegal activities to minimize the damage caused by such actions.
Recently, police in Russian Federation detained a group of online criminals. The criminal group has managed to sell more than 1 billion counterfeit Russian rubles, worth around $13 million.
According to the country’s Ministry of Internal Affairs, suspects engaged in illegal activity via a darknet store. This criminal group used Russia’s largest darknet marketplace Hydra. Interestingly, this group has been active for about a year.
The store created by the suspects operated under the “Bank of Russia” name. Furthermore, the criminal group used high-quality banknotes.
People who would like to buy fake Russian rubles, they had the only one option, this option was to exchange cryptocurrency for fake rubles. This criminal group sold small batches of counterfeit currencies for 30% of their nominal value. However, in case someone wanted to buy a big batch Russian rubles online perpetrators sold bulk fake notes for just 10-15%.
Crypto-related crimes and law enforcement
The Russian Federation is not the first country to encounter similar problems. In 2019, Portuguese police and Europol seized funds worth nearly $80,000 from counterfeit operators.
Cryptocurrencies as everything else has its advantages and disadvantages. Nevertheless, cryptocurrencies have the potential to make life easier for millions of people.
As mentioned above, some people used cryptocurrencies for illegal activities. Such cases have a negative impact on public perception as someone may link crypto to various crimes. However, people should remember that cryptocurrencies offer advantages unattainable to fiat currencies. Despite certain shortcomings, the crypto industry has the potential to support the local economy.