Swedish police seize record €11.2 million in cryptocurrency linked to dark web drug market

Swedish authorities have confiscated cryptocurrency worth 127 million kronor (€11.2 million) in what they describe as the country’s largest-ever seizure of criminal proceeds in digital assets, SVT Nyheter reports.

The funds were tied to a Swedish man accused of operating Flugsvamp 2.0, an illegal online narcotics marketplace that has since been shut down. Investigators traced the cryptocurrency to a foreign exchange platform before liquidating the assets, with the proceeds now transferred to the state.

Police and prosecutors emphasised that cryptocurrency, while often perceived as untraceable, leaves a digital trail when converted into traditional currency for everyday expenses.

“Cryptocurrency is used across multiple criminal areas, either as a payment method or as a tool for illegal activity,” said Björn Eriksson, deputy section chief at Sweden’s National IT Crime Centre, in a statement.

Senior prosecutor Annika Wennerström added that offenders inevitably make errors that expose them to authorities: “You cannot remain anonymous forever—eventually, you need to convert funds to pay rent or other living costs, and that’s when you become traceable.”