A woman has been arrested following an investigation into a cryptocurrency-based fraud that saw as much as €1 million invested on behalf of the victim.The woman, who is aged in her 60s, has been detained following searches carried out by personnel attached to the Garda National Economic Crime Bureau in the south Dublin area.The arrest follows GNECB investigations into the woman, who is suspected of acting as an investment intermediary within Ireland, without the authority of the Central Bank.
In this particular instance, the money 'invested' was transferred to Virtual Asset Service Providers and subsequently converted to cryptocurrency. The virtual assets were then transferred and moved through the blockchain – a decentralised ledger of all transactions made across a peer-to-peer network.