Greece targets crypto crimes with major seizure

Greek authorities have made their first-ever cryptocurrency seizure, confiscating 273,000 USDT (Tether) as part of a criminal investigation. The operation, conducted in December, was carried out under the supervision of the Greek European Public Prosecutor’s Office and involved collaboration with various law enforcement departments, including the Digital Evidence Examination Department.

The seizure, which is part of the ongoing ‘Admiral’ operation, highlights the growing challenges law enforcement faces in dealing with advanced technologies like blockchain and cryptocurrencies. Cryptocurrencies, known for their anonymity and security features, are often used in criminal activities such as fraud and money laundering. Experts stress the need for precision and expertise in handling digital assets, as mistakes can lead to irreversible losses.

Crypto-related scams are becoming more common in Greece, with many victims falling prey to fraudulent schemes. As cryptocurrencies gain popularity, particularly with the rise of Bitcoin and NFTs, the lack of understanding among the public increases the risk of scams. Experts warn that technological advances in AI are making these scams harder to detect, even for experienced investors.

In addition to combating fraud, authorities are also focusing on the management of seized cryptocurrencies, with plans to convert them into funds for the state, similar to practices in other European countries.