Australian police uncovered syndicate laundering stolen funds through cryptocurrencies

Australian law enforcement agencies uncovered a criminal gang involved in laundering millions of dollars through untraceable assets, including cryptocurrencies.

According to a statement issued by the Australian Securities and Investments Commission (ASIC) and the Australian Federal Police (AFP), agencies are investigating major fraud and identity theft.

Authorities claim that the syndicate acquired the stolen personal data on the darknet and used it to steal money. It is believed that for the purpose of fraud, criminals created bank accounts at various Australian financial institutions.

“The syndicate committed cybercrime fraud with the aim of illegally stealing money from victims’ pension accounts, as well as from trading accounts of companies registered on ASX,” the press release said.

After that, the syndicate laundered stolen funds through untraceable assets, such as jewelry, and the money was returned to Australia in cryptocurrencies. AFP Acting Chief Chris Goldsmid said:

“Cyber security threats, such as data leaks and attacks on the financial system, are a serious problem for the ASIC. “We will not only continue to investigate cybercrime, but will also force institutions to fulfill their obligations to ensure the security of cyberspace.”

In August, it became known that 15 countries, including Australia, were developing a new system to prevent money laundering through cryptocurrencies. Recall also that last month cryptocurrency fraud charges of $ 1.83 million were brought against five Australians.

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