Australian authorities uncovered a $123-million crypto fraud linked to an organized crime group, charging four suspects following an 18-month investigation. The Queensland Joint Organized Crime Taskforce traced suspicious transactions back to a sophisticated scheme involving front businesses and cryptocurrencies. The scam used a cash-in-transit security company that collected illicit cash and transferred it to classic car dealerships, which mixed the illegal funds with legitimate sales. The final stage involved converting some of these laundered proceeds into cryptocurrencies to complicate the tracing process. In June 2025, authorities executed raids, seizing $170,000 in crypto, $30,000 cash, and freezing assets worth around $21 million, including properties and vehicles. The suspects face serious charges, and the investigation continues, indicating that more arrests could follow. This case highlights the ongoing association between cryptocurrencies and criminal activities, illustrating how blockchain’s permanent transaction records can both facilitate crime and aid in law enforcement efforts.

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