Altcoin News: Australian Police Uncovered Syndicate Laundering Stolen Funds Through Crypto

September 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

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 offences to illegally steal money from the superannuation accounts of these victims, and from their share-trading accounts in ASX-listed companies,” 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:

“Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience.”

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.

Author: Marko Vidrih