The European Union legal agency Europol has cracked down on the Belgian Ponzi scheme Vitae. Europol raided 17 locations related to the site, which were advertised as social media sites with their own cryptocurrency. The company operates in Switzerland under the name of VITAE AG. In this operation, law enforcement officers recovered 1.1 million euros in cash and 1.5 million euros in cryptocurrency.
Europol shuts down Vitae
Europol took action against a group of people who used the Vitae platform to run a suspected Ponzi scheme. European law enforcement agencies coordinate operations with the Belgian Federal Judicial Police under the jurisdiction of the Belgian Federal Prosecutor’s Office to organize joint criminal investigations. This joint force raided 17 houses related to the case, mainly in Antwerp, West Flanders and Limburg. According to reports, the Swiss police also conducted other searches.
Five people were arrested on suspicion of participating in the Vitae project. Europol also shut down the Vitae website and replaced it with a warning about its content, which is now considered illegal under Belgian law. The investigation is secret, and few people know about the attack, so the accused criminal cannot escape the action.
As a privacy-oriented social network, Vitae has its own cryptocurrency token. The website is advertised as a money-making platform for top posters and can earn resume tokens through high-quality content. The website has more than 200,000 users. As a result of this action, the price of Vitae tokens plummeted.
Focus on the digital frontier
Europol and related agencies have expressed their concerns about digital crime and its consequences. In a newly released report called “Network Blue Line”, the organism stated that their new focus is on cyberspace. The report states:
The criminal abuse of encryption (an essential element of our digital democracies) and other privacy-enhancing technologies and designs have created an imbalance between privacy, security, and security.
It is said that cryptocurrency is one of many tools used by cybercriminals in order not to be detected by the police. Currently, hackers responsible for ransomware attacks use Bitcoin (BTC) and other cryptocurrencies as payment. This happened in the Colonial Pipeline cyber attack case last month. The report predicts that such cyber attacks will continue to occur in the future.
Europol and other police organizations in the world are now turning their attention to encryption and cryptocurrency. Therefore, regulators will also pay attention to these topics in the future.
What do you think of Vitae’s Europol crackdown? Tell us in the comments section below.
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