Scam News

Police in Australia uncover a syndicate using crypto to Launder money

Law enforcers in Australia have today arrested a woman who is part of a criminal syndicate that has been laundering millions of funds through cryptocurrencies. This is according to a post published by the enforcement arm on their website on the 17th of September. The woman aged 21 will today appear before the court.

The Australian Securities and Investments Commission in conjunction with the Federal police department has been investigating the syndicate which has been carrying out identity theft as well as other fraudulent activities. The Australian authorities have pointed out that the syndicate has been making use of the dark web to acquire personal data used in identity theft.

Part of the activities that the gang has been involved in is opening fraudulent bank accounts with several local banks in Australia. The report released shows that the syndicate had opened more than seventy bank accounts.

“The syndicate committed cybercrime offenses to illegally steal money from the superannuation accounts of these victims, and their share-trading accounts in ASX-listed companies.”

After stealing money from these accounts, the gang then used untraceable assets to launder the money and then injecting it back into Australia in the form of cryptocurrency. The Australian government has promised that it will continue to rage war against Cybersecurity crimes enabled by cryptocurrencies and other assets.

Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC, and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience.”

This comes at a time where the cryptocurrency industry is on the spotlight for being used by most criminals to carry out their activities. Nonetheless, there is less that governments can do to control crypto-related crimes because of the unregulated space that cryptocurrencies operate on.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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