A resident of Australia laundered $3 million through bitcoin

by in Cryptocurrency News

Australia Bitcoin fraud

A resident of Australia was arrested on suspicion of laundering AUD $5 million ($3.2 million) through bitcoins. She led the illegal trading platform, exchanging cryptocurrency for fiat, reports The Australian.

A 52-year-old woman was detained at a mall in New South Wales. With her, they found more than AUD $60,000 and 3.8 BTC. After searching the suspect’s home, the police also confiscated cryptocurrency wallets and computers. In the woman’s warehouse, they found another wallet with bitcoins worth AUD $18,200.

Law enforcement authorities launched an investigation into the illegal trading platform in 2018. Detective Matt Craft noted that this is the first arrest in the history of the state committed by the department of cybercrime in the case of illegal trafficking of cryptocurrency.

Related: Australian tax regulator will check 350,000 Bitcoin traders

The detective said when such trading floors operate without regulation, criminals can move the currency and launder money, and it would seem, unnoticed.

Craft added that the popularity of cryptocurrencies in criminal circles is growing, but cash is still the main tool.

The detective said that the woman distributed the laundered money into small portions, after which she sent them to many of her bank accounts. He noted that the police have tools to track such activities, so he will not be able to hide from justice in this way.