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

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 Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term.

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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.