Cryptocurrency News

Leading Illegal Online Streaming Business Dealing In Cryptos Busted.

Within a recent investigation, European police arrested a leading illegal online streaming business that had reportedly been operational for the past 5 years.

In line with a recent report published by Bloomberg, police conducted 15 house searches, busting 11 people & successfully taking down 50 servers across 9 different countries.

Europol  – The European enforcement agency claimed to have found crypto assets, property, jewelry, luxury cars, as well as cash worth above $5.4 Mln from business owners. Moreover, $1.25 Mln’s were frozen in several bank accounts, Europol added.

The streaming ring, that mainly operated out of Spain, was a highly organized illicit business offering its services to over 2 million customers. It also boasted of an exclusive customer support team and high standards of internal quality control.

As per Europol, the group offered over 40,000 channels, movies, documentaries, and other sorts of content. Within their  5 years of operation, they received almost $17 Mln in payments via PayPal, wire transfers and in form of other cryptocurrencies.

Illegal Online Content Sharing

As online media streaming touches new highs, so does illegal streaming and piracy of copyrighted content. In line with ABI Research, almost 17% of the global online content streaming population streams content illegally.

This is primarily due to some of the leading media streaming platforms like Netflix and Disney Co. charging premium fees offering for their services. The Bloomberg report also added that the threat will only grow if these companies “gradually raise prices within the upcoming few years either to maximise their fast-growing subscriber bases.”

Midia Research analyst Tim Mulligan told said, “The background threat of piracy means the subscription video-on-demand services will have the continued threat of piracy as a pricing factor.”

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