3 Australian Citizens Are Accused of Using Crypto to Launder Money

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The Australian police have arrested three men on suspicion of distributing drugs and laundering money through cryptocurrencies.

According to a press release, US federal authorities were involved in the investigation. During the search, law enforcement officers seized about $4.7 million in cash, 5 kg of drugs, three cryptocurrency ATMs, laptops and mobile phones.

The men have been charged with money laundering and drug trafficking and one of them was denied bail.

In October 2021, the police of the Australian state of Victoria exposed one of the largest crime syndicates in the country. According to investigators, the group laundered at least $62 million through cryptocurrencies using the dormant bank accounts of 250 Chinese students.

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