Share this article
Latvian Police Seize Crypto Worth $126K in Bust of Suspected Cybercrime Ring
The “large-scale" money laundering operation ran from 2015 through 2020, police officials allege.
By Danny Nelson
Updated Sep 14, 2021, 9:34 a.m. Published Jul 22, 2020, 7:36 a.m.
Latvian state police said they dismantled an organized cybercrime ring, seizing over 110,000 euros ($126,926) in cryptocurrencies from the alleged perpetrators.
STORY CONTINUES BELOW
- Police said Monday they had confiscated 110,000 euros worth of bitcoin , ether , XRP and tether from the group.
- Additionally, over 12 raids they seized 280,000 euros ($323,084) and $37,000 in cash, 11 properties and three cars.
- The gang is alleged to have engaged in “large-scale" money laundering from 2015 through 2020.
- Officials arrested and charged three suspects with committing cyber fraud, procuring reams of private account data on the dark web, laundering money through gold and cryptocurrency, and targeting at least 1,000 victims around the world.
- In a press statement, Latvian authorities declined to elaborate on the crime syndicate’s fraud tactics, saying that information was sensitive to the ongoing investigation.
- Criminal proceedings began in late February, they said.
- If convicted the suspects face three to 12 years in prison.
Read more: The DOJ Wants to Hire a Crypto Crime Attorney Adviser
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
What to know:
- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
Top Stories
