Eight arrests in Dark web counterfeit euro operation

Eight suspects have been arrested in an Italian operation targeting a counterfeit euro currency network.

The Europol-backed operation netted the vendor and leader of the group, said to be one of the largest operating online, and also identified "several hundred" counterfeit euro buyers.

The investigations revealed that the vendor was selling counterfeit €20, €50 and €100 notes on the Dark web for around 30 per cent of their face value, with payments made using the Bitcoin virtual currency.

According to Europol's intelligence, an increasing number of counterfeit currency producers are offering their products on the Dark net marketplaces, along with drugs and other illegal commodities.

Europol estimates that the group received over €160,000 in Bitcoins, which then were sold to a specialised exchanger in Malta. The vendor, who had several profiles in different marketplaces, had accomplices from the Naples area.

"The hidden services of the Dark net and Bitcoin payments can give sellers and buyers a false sense of anonymity," said Wil van Gemert, Europol's deputy director of operations.

"However, Europol and its partners are committed to investigating the 'shadow' trade in illegal commodities, and to ensuring that these criminals are brought to justice."