Europol dismantles the Ponzi Vitae system and recovers 1.5 million euros in cryptocurrency
Europol, the EU law enforcement agency, has cracked down on Vitae, a Belgian Ponzi scheme advertised as a social media website with its own cryptocurrency. Vitae operates as VITAE AG in Switzerland. Law enforcement officials raised € 1.1 million in cash and € 1.5 million in crypto.
Europol “records” Vitae
Together with the Belgian Federal Judicial Police, Europol is organizing a joint criminal investigation against a group of people who use the Vitae platform to implement a Ponzi scheme under the jurisdiction of the Belgian Federal Prosecutor’s Office. The investigators searched 17 houses involved, mainly in Antwerp, West Flanders and Limburg. The Swiss police also carried out other searches.
Five people were arrested on charges of participating in the Vitae program. Europol has also closed the website and warned of its content, which is now illegal under Belgian law. The investigations are secret and little is known about the raids, so that the alleged perpetrators cannot evade the action.
Vitae acts as a data protection-oriented social network with its own cryptocurrency token. It is advertised as a monetization platform for top posts receiving Vitae tokens with high quality content. The website has more than 200,000 users. As a result of this promotion, the price of the Vitae token has decreased.
Focus on digital crime
Europol and related bodies have raised concerns about digital crime and its consequences. In a newly published report entitled “Cyberspace blue line“, Jeeves explains that her new focus is on cyber:
“The criminal abuse of encryption, an important aspect of digital democracy, as well as of the various applied sciences and privacy design, has created an imbalance between privacy, security and privacy. Confidential and secure. “
Cryptocurrencies are considered one of many tools cyber criminals use to go undetected by the police. The hackers responsible for ransomware attacks are currently using Bitcoin and other cryptocurrencies as a means of payment. It did so during the Colonial Pipeline attack last month. The report predicts that these types of cyber attacks will continue to occur in the future.
Europol and other police organizations around the world are now turning to cryptography and cryptocurrencies. Therefore, the supervisory authorities will concentrate on these properties in the future.
According to News.Bitcoin