Bitcoin vs. Blossoms: Europol Takes Bills Ring | BTC-ECHO
The Portuguese police teamed with Europol to strike a counterfeiting ring that sold counterfeit money to Bitcoin. For information from Sputnik News In addition to devices for printing money, the police confiscated approximately € 70,000 in counterfeit money.
According to the magazine, Manuel Mourato of the Portuguese police estimates the quality of the counterfeit money high:
In addition to holograms, the banknotes also contain the imitation of ink and watermarks. The banknotes have many security features. It is one of the highest quality counterfeits confiscated in Europe.
The police arrested a total of five people. The head of the group was apparently found and extradited in Colombia. As Sputniknews further reports, he controlled the production of flowers depending on the order situation. If orders entered through a DarkNet marketplace, the remainder of the team then produced the money in the Portuguese branch.
Bitcoin: The mistake of the counterfeiters
Despite the quality of the "blossoms", the counterfeiters seemed to be less well-versed in DarkNet and cryptocurrencies. So they obviously paid for themselves in Bitcoin. However, they overlooked the fact that the basic technology of the currency is transparent and provides only pseudonymity. In other words, the cash chain can be easily tracked through the block chain – for things that are to be done in secret, the Bitcoin system is rather inappropriate.
Banknotes still in circulation
Nevertheless, the band managed, according to press information, to produce a total of over 1 million euros. These were finally in circulation in Germany, France, Spain and Portugal. Despite the discovery of the gang, it is likely that some notes are still in circulation:
Often they are recognized only when depositing. Normal trading is banknotes that are easily lost. Those who recognize counterfeit notes are warned not to try to pass them on to another person, as this is a crime. You have to report to the authorities […],
warns the coordinator of the criminal investigation Luís Ribeiro Sputnik News,
Bitcoin & Co. in Portugal
Recently, news has surfaced that Bitcoin transactions and cryptocurrency trading in the European country are tax-exempt. The same applies to the "mining" of the cryptocurrency. Portugal is following a crypto-friendly policy that sets it apart from most European countries.
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