What does the first confiscation of cryptocurrencies in the country mean for digital crime and Greek justice – Greek CSI investigators explain to Skai.gr
By Anna Maroulis
In the first seizure of cryptocurrencies in the country, a total amount of 273,000.00 USDT (Tether), from a digital wallet to a “government wallet”, as they call it, (or cold / hardware wallet) in the context of a criminal investigation, the authorities recently proceeded, as they revealed his researchers Greek CSI, who spoke to skai.gr.
The specific on-site seizure of the digital currencies took place in December, with the presence, supervision and guidance of the competent Prosecutor of the Hellenic European Public Prosecutor’s Office, in the context of a criminal investigation carried out by the European Public Prosecutor’s Office (EPPO) with the cooperation of the Directorate’s Digital Evidence Examination Department of Criminal Investigations, as well as the Department of Protection of Public Property and European Resources of the Directorate for Combating Organized Crime Crime.
What does it mean for digital crime?
The competent officers of the Directorate of Criminal Investigations emphasize to Skai.gr that this is an important moment that marks the beginning of a new era for Greek justice.
They emphasize that this achievement is not just a technological innovation, but also a confirmation the systematic approach and specialized know-how that has been developed in the field of digital forensics in our country. “With modern methods and state-of-the-art tools, this success marks the maturing national capabilities in dealing with cybercrime»is indicated indicatively.
The challenge of digital crime – Blockchains and cryptography
As the executives of the Greek CSI state, the specific case, which is continuation of the “Admiral” operationapart from its importance and obvious legal weight, demonstrates the imperative need to adapt the prosecuting authorities to the rapid technological developments. They explain that cryptocurrencies, with their ability to provide anonymity and security, are often used for criminal activities, such as fraud, money laundering or even the financing of organized crime. They note that one wrong action during the process can lead to the loss of all digital currencies.
“Successfully seizing them requires precision, expertise and a deep understanding of the advanced technologies underlying blockchains and cryptography…one wrong action will lead to irreversible results, the complete loss of digital currencies” characteristically mentions o Alexandros Vassilaras, head of the Digital Evidence Examination Department of the Criminal Investigations Directorate.
At the same time, he explains how “The fate of the seized digital currencies will depend on the next stage of the hearing process. For example, in some Central European countries, their management and liquidation (conversion into money) is decided at the right time, with the aim of maximizing the benefit for the state apparatus.”
The Safeguard and Seizure Mechanism: The Guide to the Greek CSI is presented at skai.gr
“The cryptocurrency seizure process is a complex challenge that leaves no room for error. It starts with identifying and securely extracting data from digital wallets, using specialized forensic tools. Cryptocurrencies are then transferred and stored in specially designed “cold wallets”under state management, which ensure the highest level of protection against any attempted breach. Every step is meticulously documented to ensure the legitimacy and credibility of the research,” as explained by Mr. Vasilaras on Skai.gr.
To address this complex challenge, the Digital Evidence Examination Department of the Criminal Investigation Department, as stated by its Head, has prepared a specialized Guide to Seizure of Digital Coins, a product of international know-how and experience. This manual, the result of systematic work by certified Digital Evidence Examiners, provides a comprehensive methodological framework for the management of cryptocurrencies in the context of criminal investigations. The content of the Guide includes in-depth technical information on the nature of cryptocurrencies, as well as guidelines that meet the highest standards of digital forensics. The methodology developed focuses on effective access to digital wallets and evidence assurance, based on international best practices and accumulated experience from similar cases worldwide.
According to the head of the CID’s Digital Evidence Examination Section, the manual provides detailed instructions for each stage of the process, from initial identification to secure storage and documentation of digital evidence.
- Detection–> Access – Identification (type of digital currency) –> Storage – Transfer to cold wallet –> Step verification (documentation)
In addition, it includes a comprehensive framework for the management of seized funds, as well as specialized measures to prevent technical errors and prevent data loss during the procedures. “Continuously updating the content and adapting to technological developments is an integral part of the process, ensuring that the Guide remains an effective tool for law enforcement and judicial authorities in dealing with digital crime,” highlights indicatively.
The individual phases in detail in pictures:
1. Preparation of “cold wallet” for storing digital currencies – cryptocurrencies
2. Creating and Auditing a Digital (Government) Wallet with Digital Forensic Analysis Techniques
3. Confirmation of integrity of digital wallets based on forensic protocols
The head of the Digital Evidence Examination Department of the Greek CSI, states that the strategy being followed incorporates latest generation technological standards which ensure that each stage meets the requirements of both national and European legislation.
“This approach places our country on the map of states that adopt and implement the most advanced practices, while at the same time proving the importance of a systematic and modernized action framework”emphasizes on Skai.gr Mr. Basilaras.
The secret passphrase
According to the researchers of the Greek CSI, on paper the so-called “seed phrase” depicted in the images, are the phrases used to recover the code in case of loss of the cold wallet and as they say, they are usually engraved on metal plates.
The lesson from international experience
Global experience has clearly demonstrated the risks involved in managing digital currencies. The head of the Digital Evidence Examination Department of the Greek CSI typically mentions the Silk Road case in the United States, where the abuse of power by two DEA agents led to the misappropriation of confiscated Bitcoins. This incident highlighted the need for robust control and accountability systems.
“Utilizing these lessons, the Greek approach incorporates multiple levels of control and transparency, with every action recorded and documented with meticulous accuracy. This methodology not only ensures the integrity of the proceedings but also strengthens trust in the institutions of justice”notes Mr. Basilaras.
The pillars of success
The adoption of innovative tools is a cornerstone to effectively address the challenges of the digital ageas emphasized by Mr. Basilaras. He adds that the advanced blockchain analysis systems available in our country allow the detection and monitoring of complex transactions with exceptional accuracy and speed. “This technological superiority is combined with systematic training of our executives, who are constantly trained in the latest developments in digital forensics and participate in international conferences, where they are informed and also contribute to the progress of the field,” he says.
International cooperation has a central position in the strategy of the Greek CSI, as emphasized by the responsible executives. “Through partnerships with leading organizations and authorities abroad, we ensure the adoption of best practices and access to innovative technologies. This sharing of experience and knowledge strengthens our ability to respond successfully to modern challenges while ensuring the protection of the public interest and the administration of justice in an ever-evolving environment.”highlight features.
Shaping the future of digital justice
According to the head of the Digital Evidence Examination Section of the Directorate of Criminal Investigations the first cryptocurrency seizure in our country is just the beginning.
“As technological developments accelerate, our Service remains committed to its vision of a justice that keeps pace with the needs of the digital age. Investing in innovation, enhancing know-how and constantly upgrading our tools are the foundations of our mission. We aim for a Greek justice system that will continue to lead the way, ensuring that our country remains one step ahead in the global battle against digital crime”emphasizes Mr. Vasilaras and adds that:
“Cryptocurrencies have emerged as a powerful tool for criminal activities, from simple fraud to the financing of organized crime. Their successful seizure requires a deep understanding of blockchain technologies and advanced cryptography.”
Source: Skai
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