Greece Seizes 273,000 USDT in Landmark Cryptocurrency Crackdown

Greek authorities have conducted their first-ever cryptocurrency seizure, confiscating 273,000 USDT (Tether) during a criminal investigation in December, as reported by Digital Watch Observatory. The operation, overseen by the Greek European Public Prosecutor’s Office, involved multiple law enforcement agencies, including the Digital Evidence Examination Department.

This seizure is part of the ongoing ‘Admiral’ operation, underscoring the challenges law enforcement faces in tackling crimes involving blockchain and cryptocurrencies. While digital assets are prized for their security and anonymity, these same traits make them attractive for illicit activities like fraud and money laundering. Experts emphasize the critical need for precision and expertise in managing seized cryptocurrencies, as errors could result in irreversible losses.

Crypto-related scams are on the rise in Greece, with victims increasingly targeted by fraudulent schemes. The growing popularity of cryptocurrencies, including Bitcoin and NFTs, combined with limited public knowledge, has heightened the risk. Additionally, advancements in AI are making scams more sophisticated and harder to detect, even for experienced investors.

Authorities in Greece are also working on strategies to manage confiscated cryptocurrencies, with plans to convert them into state funds, following practices adopted in other European countries.

Earlier, in July, Greece has started taking significant steps towards adopting a tax framework for digital assets and cryptocurrencies, despite these assets not yet being officially recognized by the government. This move aims to regulate the emerging sector and ensure its contribution to the national economy.