Europol shatters Vitae Ponzi’s plans in Belgium and recovers 1.5 million euros in cryptocurrency

Europol, the EU legal entity, has closed Vitae, a Belgian Ponzi scheme. Europol hacked 17 websites linked to the website advertised as a social media site with its own cryptocurrency. The company operates as VITAE AG in Switzerland. Europol shatters Vitae Ponzi’s plans in Belgium and recovers 1.5 million euros in cryptocurrency

Europol shattered Vitae Ponzi’s plans in Belgium and reclaimed 1.5 million euros in crypto

Europol has taken action against a group of individuals who use the Vitae platform to run an alleged Ponzi scheme. The European law enforcement authorities will coordinate with the Belgian Federal Judicial Police, under the jurisdiction of the Belgian Federal Prosecutor’s Office, to organize a joint criminal investigation. These combined forces invaded 17 houses related to the case, mainly in Antwerp, West Flanders and Limburg. The Swiss police are said to have carried out further searches.

Five people were arrested for allegedly participating in the Vitae program. Europol has also closed the Vitae website and replaced it with a warning about its content, which is now illegal under Belgian law. The investigations are secret and little is known about the raids, so that the alleged criminals cannot evade the action.

Vitae acts as a data protection-oriented social network with its own cryptocurrency token. The website is advertised as a platform to win top posters and Vitae tokens with high quality content. The site has more than 200,000 users. As a result, the price of the Vitae token collapsed.

Europol shatters Vitae Ponzi plans in Belgium – raises concerns about digital crime

Europol and related bodies have raised concerns about digital crime and its consequences. In the newly broadcast report, titled Cyber ​​Blue Line, the agency stated that its new focus is on cyberspace. The report must clearly state:

The criminal misuse of encryption, an essential element of our digital democracy, and other security enhancing technologies and designs have created an imbalance between secrecy, security, and protection.

Cryptocurrencies are considered one of many tools cyber criminals use to try to go undetected by the police. The hackers responsible for ransomware attacks are currently using Bitcoin (BTC) and other cryptocurrencies as a means of payment. It did so during the colonial pipeline’s cyber attack last month. The report predicts that similar types of cyberattacks will continue in the future.

Europol and other police organizations around the world are now turning their attention to cryptocurrencies and cryptocurrencies. Therefore, regulators will focus on these issues in the future.

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