Man Tried to Launder €11.5m in Bitcoin Drug Money While in Amsterdam

Written by:
Guest
Published on:
Feb/28/2018

A 38-year-old British man while living in Amsterdam allegedly tried to launder approximately €11.5 million in Bitcoin between 2014 and 2016.

This money is suspected as originating from illegal drugs deals and the trade of other prohibited goods on dark web marketplaces, the Public Prosecutor said on Wednesday.

The man is said to have profited by taking Bitcoins from his clients and exchanging them for fiat cash, charging an “unusually high” commission of between 5 to 8 percent. According to the Prosecutor, all of this was done anonymously with the suspect carrying part of the risk and being paid handsomely for it.

The yet-to-be publicly identified suspect also allegedly used his personal bank account and ATMs when converting the Bitcoin to cash.

He is also believed to have been growing cannabis plants illegally in the Netherlands.

“He thought he had seen a gap in the market and jumped into it”, the Public Prosecutor said. “He started with a cannabis plantation, sold the harvest on the dark web and was paid in bitcoins. Soon he noticed that he no longer needed the weed to make a substantial turnover and a fine profit.”

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- Jagajeet Chiba, Gambling911.com

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