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$3M worth of cryptocurrency seized from Bulgarian criminals

Watch out for those crypto-criminals

bulgaria, fraudsters, cryptocurrency, illegal, blockchain, theft, scam, hack, ponzi

Yet another group of organized criminals have been apprehended after illegally acquiring cryptocurrency.

Three individuals in Bulgaria have been arrested and charged after obtaining over $3 million (5 million lev) through illegal schemes. Prosecutors had been gathering evidence against the group since June.

According to local outlets, police found a trove of passwords and private keys associated with various cryptocurrency exchange services and wallet providers.

It is not clear what exactly the miscreants had done to obtain such a large amount of cryptocurrency illegally.

However, local reports state that the criminals were using “innovative mechanisms, specialist software, and advanced knowledge in the area of cryptocurrency.”

Authorities also seized a car worth $35,000 (60,000 lev) that was bought using the pilfered cryptocurrency.

Despite cryptocurrency‘s promise of anonymity, criminals are still being caught. Earlier this month, a group of eight Japanese men were arrested for running a cryptocurrency Ponzi scheme valued at over $60 million.

Published November 26, 2018 — 15:18 UTC