Europol unearths $55M-strong digital pirates’ crypto booty

European authorities have raided potential intellectual property infringers, successfully uncovering a treasure chest with tens of millions in crypto that was obtained as payment for illicit services.

Investigators focused their sights on illicit IPTV service providers that take payment in crypto. Digital pirates often stream sports events or provide users other content without paying its rightful owners.

The action, called “Intellectual Property Crime Cyber-Patrol Week” uncovered tens of websites offering similar services. However, the key target, Europol claims, was to dispel the illusion that crypto payments are anonymous.

To find who is benefiting from payments, participating authorities made crypto-based purchases and then used those details to track where the money lands.

“Investigators used cryptocurrencies to purchase services, which allowed them to identify illicit actors. These were then reported to partners, which includes major crypto exchanges and specialized tooling companies,” Europol said.

Initially, authorities focused on 69 websites that have nearly 12 million yearly visitors. The investigation uncovered 44 additional sites that partake in digital piracy.

The raid helped investigators to uncover €47 million ($55 million) worth of crypto. Authorities claim the findings will form the basis for further investigation into illicit service providers and their activities.

“This approach allows us to hit ‘pirates’ – as intellectual property infringers are often referred to – where it hurts them the most: their money. By identifying, tracing, and successfully shutting down the crypto accounts of illicit services, the criminal revenue stream is disrupted,” Europol said.

The action was carried out by Europol, the European Union Intellectual Property Office (EUIPO) and the Spanish National Police (Policía Nacional).

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