Europol cracks down on Belgium’s Vitae Ponzi program and recovers € 1.5 million in crypto – Bitcoin News

Europol, the EU legal agency, ruled against Vitae, a Belgian Ponzi scheme. Europol searched 17 locations related to the website advertised as a social media site with its own cryptocurrency. The company traded under the name VITAE AG in Switzerland. Law enforcement officials raised 1.1 million euros in cash and 1.5 million euros in cryptocurrency for this action.

Europol completes Vitae

Europol took action against a group of individuals who used the Vitae platform to run an alleged Ponzi scheme. The European Law Enforcement Agency coordinated the action with the Belgian Federal Criminal Police under the jurisdiction of the Belgian Federal Prosecutor’s Office in order to organize a joint criminal investigation. This joint force searched 17 houses related to the case, mainly in Antwerp, West Flanders and Limburg. The Swiss police reportedly carried out further searches.

Five people were arrested for alleged participation in the Vitae program. Europol has also closed the Vitae website, replacing it with a warning about the content of the website, which is now illegal under Belgian law. The investigation was secret and few people knew about the raids, so the alleged criminals could not escape the action.

Vitae acted as a privacy-oriented social network with its own cryptocurrency token. The site was advertised as an earning platform for top posters who would earn Vitae tokens with quality content. The site had over 200,000 users. As a result of the promotion, the price of the Vitae token collapsed.

A focus on the digital frontier

Europol and its related agencies have expressed concerns about digital crime and its consequences. In a newly published report entitled The Cyber ​​Blue Line, the organism states that its new focus is on cyberspace. The report says:

The criminal abuse of encryption, an essential element of our digitized democracies, and other privacy enhancement technologies and designs have created an imbalance between privacy, security, and protection.

Cryptocurrencies are said to be one of the many tools cyber criminals use to try to go undetected by the police. Currently, hackers responsible for ransomware attacks are using Bitcoin (BTC) and other cryptocurrencies as a means of payment. This happened last month in the case of a cyber attack on the Colonial Pipeline. The report assumes that such cyber attacks will continue to occur in the future.

Europol and other police organizations around the world are now turning their eyes to encryption and cryptocurrencies. As a result, regulators will also focus on these issues in the future.

What do you think of Vite’s raid on Europol? Let us know in the comments section below.

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source https://bidsfor.me/europol-cracks-down-on-belgiums-vitae-ponzi-program-and-recovers-e-1-5-million-in-crypto-bitcoin-news/

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