Australian authorities have charged four individuals after an 18-month investigation into a cryptocurrency money laundering operation worth AUD 190 million (approximately USD 123 million) allegedly run through a cash transport security company.
The Australian Federal Police stated that they have frozen approximately USD 13.6 million in suspected criminal assets in Queensland and New South Wales.
The Queensland Joint Organised Crime Taskforce (QJOCT), composed of 70 officials from federal and state agencies, launched the investigation in December 2023. Reports indicate that the investigation uncovered an operation that used a security business armored vehicle unit as a front to launder criminal proceeds into cryptocurrency.
Investigators revealed a complex money laundering scheme disguised as legitimate business activities by tracking the transaction trails of a suspect who allegedly laundered USD 9.5 million over 15 months.
The security company is accused of mixing legitimate business income with illegal cash deposited by suspected criminals, then transferring the funds through a sales promotion company, a classic car dealership, and a cryptocurrency exchange.
It is alleged that the laundered funds were subsequently distributed to beneficiaries in cryptocurrency or through these front companies.
While blockchain technology has the potential to modernize financial systems, its open and decentralized nature also makes it attractive to criminals. In the fight against financial crime, it can be a double-edged sword.
According to blockchain forensics expert Chainalysis, over USD 100 billion in cryptocurrency flowed from illegal wallets to conversion services from 2019 to mid-2024.
Cybercriminals are becoming increasingly adept at using mixers, decentralized finance (DeFi) protocols, and cross-chain bridges to hide transactions and evade detection. Despite these efforts, the transparency of blockchain remains a powerful tool for law enforcement to track illegal money flows.
In recent months, cryptocurrency-related crime has been on the rise in the real world. Criminals are increasingly resorting to violence and intimidation to acquire or protect digital assets.
Moroccan police recently arrested 24-year-old Badiss Mohamed Amide Bajjou, suspected of orchestrating a series of cryptocurrency-related kidnappings, including a failed attempt to kidnap the daughter and grandson of Paymium CEO Pierre Noizat in Paris.
In another high-profile case, Ledger co-founder David Balland was kidnapped in January at his home in central France and held hostage for over a day until police rescued him.
With the surge in physical threats, the so-called "Bitcoin family"—a Dutch nomadic family that liquidated all assets in 2017 to live entirely on Bitcoin—has significantly upgraded their personal security measures by dispersing their seed phrases across four continents and using custom protection for encryption.
Related: Due to MiCA causing uncertainty in the industry, Europe will implement regulations on decentralized finance (DeFi) in 2026.
Original: “Australia Uncovers USD 123 Million Crypto Money Laundering Ring Hidden Behind Security Firm”
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