Australian authorities have charged a Sydney man suspected of money laundering via Bitcoin, the first cryptocurrency. This is stated in the press release from the New South Wales Police.
The investigation ran from October 2020. On February 22, cybercrime officers arrested a 30-year-old man.
According to investigators, he is linked to drug trafficking and a criminal gang. In his car police found two bags containing $1 million, and from his home they seized mobile phones, a laptop and a quantity of illegal drugs.
The police will allege in court that this person headed a criminal organisation for money laundering through Bitcoin to a total of A$5.5 million ($4.3 million).
The man was charged with money laundering and offences related to drug trafficking. Police said they expect further arrests in the coming weeks as part of the case.
In 2019, Australian authorities and the local Securities and Investments Commission uncovered a gang involved in identity theft and laundering stolen funds through cryptocurrencies.
In May 2020, authorities arrested a 52-year-old woman who ran an illegal exchange platform for trading cryptocurrency for fiat.
In January 2021, the owner of the RG Coins cryptocurrency exchange, Rossen Iosifov was sentenced to 121 months in prison for laundering about $5 million using digital assets.
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