Four Dutch men create Bitcoin exchange to launder stolen money

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The Dutch authorities arrested four men in the Netherlands during last week, after a technological crime spree. The suspects spread a type of malware that allowed them to obtain information from about 150 Dutch bank accounts and then used a Bitcoin exchange to launder part of the $1.4 million that was stolen.

The virus is known as TorRAT and operates via the network Tor, targeting only Dutch speakers, according to Coindesk. Besides using the malware, the men, who communicated through tormail.org, apparently also paid for a Turkish crypting service to circumvent antivirus software.

After launching the malware and obtaining the desired financial information, the suspects stole the victim’s money. After that, they used a Bitcoin exchange called FBTC Exchange, which was set up by them, to launder some of the money into Euros.

The platform, launched in June of this year, is no longer in operation and all the transactions have been halted since October 21. The arrest of the four men was made by the Dutch National High Tech Crime Unit, which reportedly seized 56 BTC from the suspects.

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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