Australia unmasks $123M crypto laundering ring behind security firm

Key Points

  • Australian authorities charged four individuals in a $123 million crypto laundering operation linked to a cash-in-transit security company.
  • The 18-month investigation by the Queensland Joint Organized Crime Taskforce led to the freezing of $13.6 million in suspected criminal assets.
  • The operation allegedly used the security firm as a front, blending illicit cash with legitimate earnings and funneling funds through cryptocurrency exchanges and other businesses.
  • Blockchain's transparency aids law enforcement in tracking illicit transactions, despite criminals using mixers and DeFi protocols to obscure funds.
  • Rising crypto-related crimes are spilling into the physical world, with incidents of violence and kidnappings targeting digital asset holders.

Summary

Australian authorities have uncovered a $123 million cryptocurrency money laundering scheme operated through a cash-in-transit security company, leading to charges against four individuals. Following an 18-month investigation by the Queensland Joint Organized Crime Taskforce, involving 70 officers, about $13.6 million in suspected criminal assets were frozen across Queensland and New South Wales. The operation allegedly masked illicit funds by mixing them with legitimate business earnings, channeling them through cryptocurrency exchanges, a sales promotion company, and a classic car dealership. Blockchain technology, while a tool for financial innovation, remains a double-edged sword, with over $100 billion in illicit crypto transactions traced between 2019 and mid-2024, per Chainalysis. Despite criminals using mixers and DeFi protocols to hide transactions, blockchain’s transparency aids law enforcement. Meanwhile, crypto-related crime is increasingly manifesting in the physical world, with violent incidents like kidnappings targeting digital asset holders, prompting heightened personal security measures among crypto users.

cointelegraph
June 10, 2025
Crypto
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