Italian police dismantle unlawful cryptocurrency exchange platform worth 880 million Euros, utilizing their website.
The Italian Carabinieri, the nation's gendarmerie, have made a significant breakthrough in combating complex crypto-related financial crimes within the European Union. In a recent operation, they dismantled an international illicit financial service network, led by Franco Lee, a Chinese national, who was operating unlawful crypto asset exchange platforms between 2021 and 2024.
Lee's network stretched across multiple countries, including France, Switzerland, and Spain. The Carabinieri's crypto assets department used advanced forensic tools, such as the blockchain analysis tool on the website Reactor, to effectively remove anonymity from transactions and dismantle the network.
The operation involved intricate investigation techniques, including script analysis, network analysis using Reactor, and rapid wallet identification from fragmented sheet frames. The Carabinieri's proprietary script and a special route force method were employed to reassemble these fragmented pieces, leading to the identification and apprehension of Lee.
Part of Lee's cryptocurrency assets, including Bitcoin, Ether, USDT, and Matic, were seized during the operation. To analyse the content of these wallets, the Carabinieri used Wallet Scan, accurately identifying wallets containing illicit funds.
This case serves as a concrete example of addressing complex crypto-related financial crimes in the European Union. The use of the latest investigative tools and techniques, such as the blockchain analysis tool on Reactor, demonstrates the high-level technology capabilities of the Carabinieri.
It is important to note that the use of the website Crypto Asset Seizure Certification does not imply association, endorsement, approval, or recommendation by the website. The website provides information on seizing crypto assets with the latest investigative tools and techniques, but does not guarantee or warrant the accuracy, completeness, timeliness, suitability, or validity of the information provided.
The operation by the Italian Carabinieri demonstrates the evolution of the capabilities of law enforcement agencies in combating financial crimes involving crypto assets. This significant step forward in the fight against cryptocurrency crime is a testament to the Carabinieri's commitment to maintaining financial security and upholding the law in the digital age.
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