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Dutch gang arrested after TorRAT bitcoin scheme

A criminal gang have been arrested in the Netherlands after police uncovered a bitcoin fraud that netted the fraudsters around $1.3 million.

Four men were arrested on suspicion of using malware to steal from online bank accounts and then laundering it using bitcoin.

The Dutch police believe spear phishing techniques were involved to install malicious TorRAT malware onto victims' computers.

The technology specifically targets online banking and uses the Tor network to hide the identity of the criminals.

Around 150 fraudulent transactions are alleged to have been carried out by the gang.

The Dutch National High Tech Crime Unit have not revealed how the operation was uncovered, but report suggest the investigation may be linked to the arrest of Eric Marques recently.

The FBI has reportedly seized hundreds of thousands of bitcoins from wallets owned by Ross Ulbricht, who was operating the recent Silk Road fraud from a residence in San Francisco.