In what is being reported as Australia’s first cyber crime sees an Australian woman indicted for allegedly running an unregistered crypto currency exchange. In addition, the woman aged 52, was seized at a shopping center in Burwood, Sidney on May 14, for laundering over$5 million in crypto through the exchange.
The woman was allegedly part of a money-laundering syndicate that efficiently operated as its own unlicensed crypto exchange. The syndicate has traded more than 326 BTC ($3.1 million) since 2017, according to detective Mathew Craft, the squad commander of the State Crime Command’s Cyber Crime Squad.
Australia woman indicted with 3.8 BTC and over AUD$60,000 in cash
Moreover, reports suggest that the police apprehended the 52 years old woman red handed, with over AUD$60,000 in cash and 3.8 BTC which was all deemed dirty. The police confiscated all the ill-gotten wealth.
Additionally, after conducting a search exercise at her apartment in Hurstville, the police seized computers, hardware wallets, smartphones and telephones. The woman will be arraigned in court on July 20 after successfully securing a conditional bail.
“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,” Detective Superintendent Craft stated.
Dealing with crypto-related crimes at the international stage
Governments and key regulators all over the world are concerned over the relationship between digital currencies; and illegal criminal activities such as money laundry. The private nature of certain cryptocurrencies make them ideal for cyber criminals, and even some rogue countries to evade sanctions and launder cash.
Furthermore, the involvement of such cryptocurrencies in the majority of ransomware threats has created a dirty reputation for Bitcoin and more privacy oriented coins like Monero. As a result, task forces aiming to combat the threat, like the one for Australia; have been created to combat the threats related to crypto. In addition, some countries have united to form an international system to fight money laundering.