December 5, 2023

Australians revealed a scheme for laundering money through a crypto for millions of dollars

Australians revealed a scheme for laundering money through a crypto for millions of dollars
Criminals laundered millions of dollars through cryptocurrencies

Australian law enforcement authorities have revealedanother group of scammers. They falsified personal data of citizens, stole money from pension and trading accounts, and laundered the loot using cryptocurrencies. 

Australia unveils multi-million dollar money laundering scheme

Australian Securities Commission andInvestments reports that on September 17, a court hearing was held in the case of a 21-year-old citizen of the country. Law enforcement officials claim that she participated in a criminal group that stole citizens' money and laundered it through cryptocurrencies. 

According to authorities, the group was buying personalcitizens’ data on the darknet, forged their SIM cards and mailboxes in order to gain access to financial accounts. Using fake data, the attackers opened bank accounts in the names of unsuspecting citizens. In total, security forces managed to find fake accounts in 70 Australian banks. 

Then the group stole money from pension and trading accounts of citizens and transferred the money to fake bank accounts. 

In order to launder stolen goods, intrudersbought up hard-to-track assets abroad like jewelry. They sold these assets for cryptocurrency, which is why they were returned back to Australia.

  • Australian law enforcement officials are still collecting data on the victims and cannot give the exact amount of damage. But, according to them, the attackers managed to steal "millions of dollars" 
  • On September 16, Philippine law enforcement officers arrested 277 people. Security forces are confident that they are involved in a cryptocurrency scam