{"id":424040,"date":"2020-05-15T16:00:40","date_gmt":"2020-05-15T16:00:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=424040"},"modified":"2024-06-11T13:48:47","modified_gmt":"2024-06-11T13:48:47","slug":"australian-woman-accused-of-laundering-5m-in-bitcoin-through-unregistered-exchange","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/australian-woman-accused-of-laundering-5m-in-bitcoin-through-unregistered-exchange\/","title":{"rendered":"Australian Woman Accused of Laundering $5M in Bitcoin Through Unregistered Exchange"},"content":{"rendered":"
In a first for the country, an Australian woman has been charged with illegally operating an unregistered Bitcoin<\/a> exchange.<\/p>\n She further stands accused of using the cryptocurrency “exchange” to launder over 326 BTC transacted since 2017.<\/p>\n An unidentified woman has been charged with what is said to be the first case of its kind down under involving Bitcoin<\/a>.<\/p>\n The 52-year old woman was apprehended by NSW police while at a shopping center in Sydney’s inner west side.<\/p>\n NSW police and detectives from the State Crime Command’s Cybercrime Squad established Strike Force Kerriwah has been investigating the case since November 2018.<\/p>\n Related Reading | Global System to Combat Crypto-Driven Money Laundering in Development<\/a><\/strong><\/em><\/p>\n Authorities claim that the individual was tied to a cryptocurrency wallet that was used to transact over 326 BTC over the course of several years.<\/p>\n “That equates to over $5 million in today’s money. This is a significant quantity of Bitcoin for somebody who is not a registered digital currency exchange,”\u00a0 Detective Superintendent Matthew Craft, Cybercrime Squad Commander explained<\/a>.<\/p><\/blockquote>\n The woman was detained, and NSW police seized $60,000 in cash and 3.8 BTC worth of Bitcoin. Telephones, smartphones, computers, and more were also taken from the suspect’s home in Hurtsville.<\/p>\n Detectives say a search warrant was executed, and they hope that this arrest and continued surveillance will lead to many additional arrests related to the case dating back to 2017.<\/p>\n The biggest issue governments and chief regulators take with cryptocurrencies, is their use related to “illicit” criminal activities and especially money laundering.<\/p>\n The pseudo-anonymity \u2013 or complete privacy \u2013 offered by some cryptocurrencies makes them especially attractive for cybercriminals, and even rogue nations to skate sanctions and or launder money.<\/p>\n These crypto assets are often at the center of most ransomware threats, and it has given the likes of Bitcoin<\/a> and Monero a bad name.<\/p>\n Related Reading | Australian Law Enforcement Nets 20x Gains From Seized Bitcoin\u00a0<\/a><\/strong><\/em><\/p>\n Task forces like the one formed in Australia are becoming commonplace, and several nations have joined forces to create a global system to combat money laundering<\/a>.<\/p>\n Elsewhere other firms like the IRS are asking third-party firms for support to trace transactions, which could lead them to crypto traders and investors failing to report taxes \u2013 yet another federal crime.<\/p>\nAustralian Woman Accused of Money Laundering Through Illegal Bitcoin Exchange<\/h2>\n
How Law Enforcement Is Tackling International Crypto Crime<\/h2>\n