Australian Police Nab Woman for Illegally Exchanging $3M in Bitcoin

Friday, 15/05/2020 | 12:35 GMT by Arnab Shome
  • The country’s police are cracking down on the illegal crypto exchanges, accepting more arrests.
Australian Police Nab Woman for Illegally Exchanging $3M in Bitcoin
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The Australian police have arrested and charged a 52-year old woman for illegally exchanging cash for digital currencies, involving millions of dollars.

Reported by the 9News Australia, the detectives of the New South Wales State Police arrested the woman from a shopping center in Sydney on Thursday and seized AUD60,000 (around $38,736) in cash and 3.8 Bitcoin .

According to the police, the woman is a part of a crime syndicate profiteering from the unlawful exchange of digital currencies.

The police department initiated the investigation against such online money laundering activities using Cryptocurrencies that were initiated in November 2018, with the establishment of a new investigation squad by the police department.

“It will be alleged as part of this investigation that the cryptocurrency wallet used by the individuals involved has transacted since 2017 over 326 Bitcoin,” Detective Superintendent Matthew Craft, Cybercrime Squad Commander, said in an official statement.

“That equates to over $5 million (US$3.2 million) in today's money. This is a significant quantity of Bitcoin for somebody who is not a registered digital currency exchange.”

The woman has been charged with three counts of intentionally dealing with proceeds of crime and also for the violation of the country’s laws regarding the exchange of crypto and fiat.

Illegal activities with Bitcoin in the rise

The police seized another AUD18,000 (around $11,567) in Bitcoins after conducting search operations at a home in Sydney.

“This particular investigation is believed to be an Australian first where unregistered cryptocurrency exchanges who operate have been identified and in this case prosecution commence,” he added.

The Australian police department is also looking to make more arrests for such crimes.

Earlier this year, the European authorities nabbed ten Israeli citizens in connection to a $6.6 million fraudulent cryptocurrency scheme.

The Australian police have arrested and charged a 52-year old woman for illegally exchanging cash for digital currencies, involving millions of dollars.

Reported by the 9News Australia, the detectives of the New South Wales State Police arrested the woman from a shopping center in Sydney on Thursday and seized AUD60,000 (around $38,736) in cash and 3.8 Bitcoin .

According to the police, the woman is a part of a crime syndicate profiteering from the unlawful exchange of digital currencies.

The police department initiated the investigation against such online money laundering activities using Cryptocurrencies that were initiated in November 2018, with the establishment of a new investigation squad by the police department.

“It will be alleged as part of this investigation that the cryptocurrency wallet used by the individuals involved has transacted since 2017 over 326 Bitcoin,” Detective Superintendent Matthew Craft, Cybercrime Squad Commander, said in an official statement.

“That equates to over $5 million (US$3.2 million) in today's money. This is a significant quantity of Bitcoin for somebody who is not a registered digital currency exchange.”

The woman has been charged with three counts of intentionally dealing with proceeds of crime and also for the violation of the country’s laws regarding the exchange of crypto and fiat.

Illegal activities with Bitcoin in the rise

The police seized another AUD18,000 (around $11,567) in Bitcoins after conducting search operations at a home in Sydney.

“This particular investigation is believed to be an Australian first where unregistered cryptocurrency exchanges who operate have been identified and in this case prosecution commence,” he added.

The Australian police department is also looking to make more arrests for such crimes.

Earlier this year, the European authorities nabbed ten Israeli citizens in connection to a $6.6 million fraudulent cryptocurrency scheme.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6408 Articles
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