After an 18-month investigation, Australian authorities conducted an 18-month investigation into a $190 million Australian dollar ($123 million) crypto-money money laundering business, allegedly through a cash security company in cash.
Australian Federal Police explain They have frozen alleged criminal assets worth about $13.6 million in Queensland and New South Wales.
The Queensland Joint Organized Crime Task Force (QJOCT) consists of 70 officials from federal and state agencies and initiates an investigation in December 2023. It reportedly found an action to use the security business’s armoured vehicle unit as a cleansing of proceeds of criminal offenses.
The transaction behind allegedly washing $9.5 million in suspects within 15 months has led investigators to discover a complex money laundering program that masks legal business activities.
The security company is accused of combining the revenue from the cleaning business with the illegal financial deposited by suspicious criminals, and then reunites funds through the promotional company, classic car dealers and cryptocurrency exchanges.
Related: Australia launches new crypto ATM rules as Fed flag rises scam
Then, money laundering funds are allegedly distributed to beneficiaries through cryptocurrencies or through these businesses.
Enable encryption and fight money laundering
Although blockchain technology provides the potential to modernize financial systems, its open and decentralized nature also makes it attractive to criminals. It can act as a double-edged sword in the fight against financial crime.
According to blockchain forensic experts Chain AnalysisFrom 2019 to mid-2024, over $100 billion worth of cryptocurrencies flowed from illegal wallets to conversion services.
Cybercriminals are increasingly adept at using mixers, Fefi schemes and cross-chain bridges to mask their transactions and evade detection. Despite these efforts, blockchain transparency remains a powerful tool for law enforcement to track illegal flows.
Encryption is digital money, but has real-world impact
In recent months, there have been an increasing number of instances of crypto-related crimes in the physical world. Criminals are increasingly turning to violence and intimidation to acquire or protect digital assets.
Related: Streaming Amouranth claims she was robbed by gunfire on cryptocurrency
Moroccan police recently arrested 24-year-old Badiss Mohamed Amide Bajjou for alleged planning Encryption-related kidnapping,include An attempt to kidnap daughter and grandson failed Paymium CEO Pierre Noizat in Paris.
In another high-profile case, Ledger co-founder David Balland was kidnapped and hostage by his home in central France in January and hijacked his hostage at his home in central France in January. The police rescued him.
After a surge in physical threats, the so-called “Bitcoin Family” (a Dutch nomad family who liquidated all assets in 2017 and lived entirely on Bitcoin – Modified their personal safety Encrypted by separating seed phrases across four continents and custom protection.
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