The post Law Enforcement Dismantles Major Fake ID Marketplace VerifTools appeared on BitcoinEthereumNews.com. Key Points: Joint operation dismantled major fake ID marketplace VerifTools. Marketplace generated $6.4M in revenue with cryptocurrency payments. No specific cryptocurrencies used have been disclosed yet. Dutch and U.S. authorities dismantled VerifTools, a major online counterfeit ID marketplace, seizing 23 servers. The platform generated $6.4 million in revenue, primarily paid through cryptocurrency. This operation highlights ongoing efforts to combat identity fraud, underscoring law enforcement’s focus on platforms exploiting cryptocurrency for illicit activities, with potential implications for financial fraud prevention. Cross-Border Operation Dismantles $6.4 Million Fake ID Network Dutch and US law enforcement collaborated to dismantle VerifTools. The site facilitated the creation of fake IDs by having users upload a passport photo and false data. The FBI and Dutch police led this multi-agency operation as reported by the U.S. Government. They dismantled 23 servers associated with the website, signaling a victory in cybersecurity law enforcement. VerifTools generated $6.4 million in revenue, with a significant portion handled in cryptocurrency. This prompts financial institutions to reconsider security measures, especially in KYC verifications. Action against such platforms disrupts criminal financial operations but raises questions on payment tracing. Philip Russell, FBI’s acting special agent, stated that dismantling VerifTools is crucial for protecting the public from fraud. The removal of this marketplace is a major step in protecting the public from fraud and identity theft crime. Together with our partners, we will continue to target and dismantle the platforms that criminals depend on, no matter where they operate. Dutch Politie commented on bypassed KYC verifications, emphasizing the operation’s importance. Cryptocurrencies used remain unspecified, underscoring challenges in blockchain tracing. Bitcoin Holds Strong Amidst Regulatory Focus on ID Verification Did you know? Previous takedowns like AlphaBay rarely impact major crypto markets unless significant assets are seized. Bitcoin (BTC) stands at $108,958.39, with a market cap of $2.17 trillion,… The post Law Enforcement Dismantles Major Fake ID Marketplace VerifTools appeared on BitcoinEthereumNews.com. Key Points: Joint operation dismantled major fake ID marketplace VerifTools. Marketplace generated $6.4M in revenue with cryptocurrency payments. No specific cryptocurrencies used have been disclosed yet. Dutch and U.S. authorities dismantled VerifTools, a major online counterfeit ID marketplace, seizing 23 servers. The platform generated $6.4 million in revenue, primarily paid through cryptocurrency. This operation highlights ongoing efforts to combat identity fraud, underscoring law enforcement’s focus on platforms exploiting cryptocurrency for illicit activities, with potential implications for financial fraud prevention. Cross-Border Operation Dismantles $6.4 Million Fake ID Network Dutch and US law enforcement collaborated to dismantle VerifTools. The site facilitated the creation of fake IDs by having users upload a passport photo and false data. The FBI and Dutch police led this multi-agency operation as reported by the U.S. Government. They dismantled 23 servers associated with the website, signaling a victory in cybersecurity law enforcement. VerifTools generated $6.4 million in revenue, with a significant portion handled in cryptocurrency. This prompts financial institutions to reconsider security measures, especially in KYC verifications. Action against such platforms disrupts criminal financial operations but raises questions on payment tracing. Philip Russell, FBI’s acting special agent, stated that dismantling VerifTools is crucial for protecting the public from fraud. The removal of this marketplace is a major step in protecting the public from fraud and identity theft crime. Together with our partners, we will continue to target and dismantle the platforms that criminals depend on, no matter where they operate. Dutch Politie commented on bypassed KYC verifications, emphasizing the operation’s importance. Cryptocurrencies used remain unspecified, underscoring challenges in blockchain tracing. Bitcoin Holds Strong Amidst Regulatory Focus on ID Verification Did you know? Previous takedowns like AlphaBay rarely impact major crypto markets unless significant assets are seized. Bitcoin (BTC) stands at $108,958.39, with a market cap of $2.17 trillion,…