Bulgarian Authorities Take Down Criminals For Obtaining More Than $3 Million In Crypto

Another cybercriminal gang was busted in Bulgaria according to the latest crypto news that comes from Bulgaria’s Specialized Prosecutor’s Office.

Authorities took down a criminal gang that specialized in internet fraud and managed to obtain over 5 million leva or 3 million dollars to be exact. The local news platform 24chasa writes of three individuals that were arrested and charged for the crime conducting it through different illegal internet schemes. This is another case for the Bulgarian authorities after a series of actions targeted at crypto related frauds.

Back in January, DC Forecasts reported that the Bulgarian authorities took part in an international operation for taking down the crypto Ponzi scheme OneCoin with investigators from Germany as well. By the end of October, Bulgaria was again in the center of attention when the Chief Prosecutor of the State Ivan Geshev announced that a few officials were arrested for issuing Bulgarian passports in exchange for bitcoin.

The latest investigation first started in June 2018 and ended with an arrest on November 22 with also seizing computers, flash drives, and other hardware that hat multiple accounts on it. The investigators also managed to find passwords and private keys that were linked to crypto exchanges and wallets.

According to the authorities, the three individuals that got arrested managed to illegally obtain the money by taking part in a professional conspiracy by using specialized software and other mechanisms. Also, they were advanced in the crypto knowledge.

Despite what cryptocurrencies promise to be anonymity and security, governments are working hard to develop better and more sophisticated ways of tracking individuals or groups that could engage in criminal activity.