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Copy to “First Confiscation and Conversion of Cryptocurrencies to Euros” – News

Copy to “First Confiscation and Conversion of Cryptocurrencies to Euros” – News

The Cryptocurrency Department of the Anti-Counterfeit Money Command of the Carabinieri has successfully completed the first operation to convert confiscated assets into cryptocurrencies into the euro. This activity follows the seizure of Bitcoin and Monero, worth approximately 11 thousand euros, which occurred in January 2023, when the First Operational Division of Rome and the Cryptocurrency Division carried out eight precautionary measures against individuals, all based in Naples, who were suspected. By belonging to a criminal gang specialized in counterfeiting currencies. The investigations, coordinated by the Naples Public Prosecutor’s Office and carried out in cooperation with Eurojust and Europol, are part of the context of a broad investigation begun in 2018, aimed at dismantling the network of distribution of counterfeit banknotes via the Darkweb, Telegram channels and the Internet. Transfer cryptocurrencies such as Bitcoin and Monero to dedicated wallets. This was stated in an army press release.

“During the operations, the seized cryptocurrencies – in particular Monero and Bitcoin, were transferred from the Cryptocurrency Department to dedicated wallets, through the use of technologies and software developed directly by the specialized administration of the force and which allow the establishment of wallet security, as well as high security, as well as private management of private keys.” and/or initial phrases.

The approach used by the crypto division ensures that no single operator has complete knowledge of the private key, thus eliminating a critical vulnerability and significantly increasing protection against cyber attacks. The Judiciary of Naples which – the note continues – ordered the transfer and transfer to the Unified Justice Fund. Therefore, the Carabinieri of the Cryptocurrency Department, together with employees from the Italian Young Platform Exchange specially appointed as assistants to the Judicial Police to initiate the conversion process, proceeded to convert and exchange Euros in order to subsequently deposit the amounts subject to confiscation with the FOG. “.

“The peculiarity of this operation lies not only in its success and pioneering nature, but also in the way in which the effectiveness of the Carabinieri is demonstrated in carrying out highly specialized operations also using new financial technologies. The Carabinieri, always attentive and vigilant. In investigations on the sensitive topic of cybercrime, it recently carried out the course The first in searches and seizures of cryptocurrencies at the Technical Higher Institute of Investigation in Velletri, where it has trained 25 workers already specialized in remote investigations.”

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