Norwegian authorities have achieved a major milestone in the fight against cryptocurrency-related crimes. According to reports, the country’s law enforcement agency, Økokrim, has set a new record in cryptocurrency seizure after a cyber attack on game Axie and 750 Norwegian players last year. The agency is now working together with the FBI to track down billions of kroner in cryptocurrency.
Last year on March 23, Sky Mavis, the company behind the game Axie Infinity, suffered a digital attack resulting in the theft of cryptocurrency worth NOK 5 billion ($486m). Many players, including 750 Norwegian players, lost their cryptocurrency investments in the game. The hacking incident was one of the largest cryptocurrency thefts in history.
In response to the theft, Økokrim has seized nearly NOK 60 million ($5.83m) in profits, marking the largest seizure of cryptocurrency ever carried out by Norwegian police. Chief Prosecutor Marianne Bender expressed confidence in the agency’s ability to track funds on the blockchain, even when criminals use advanced methods.
“There is still a lot of money that has not been taken out of the blockchain and converted into physical money or other assets in the physical world. Every time they try to take out the cryptocurrency in the physical world, we try to be there and try to stop it,” Bender said.
The FBI has also seized around NOK 300 million ($29,2m) in similar seizures, and the agencies are now working together to monitor money laundering activities 24/7.
“This close collaboration between countries makes our society stronger in the fight against digital profit-motivated crime,” Bender said.
The seizure is a significant development in the fight against cryptocurrency-related crimes. With the growing prevalence of these crimes, it is essential for law enforcement agencies to leverage advanced technologies to track and seize illegal funds to deter future cybercrime activities. The joint efforts of Økokrim and the FBI in this case demonstrate a step forward in this critical effort.
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