Latest reports reveal that the Australian police and law enforcing agencies have traced a crypto laundering syndicate — the criminal group involved in money laundering via untraceable assets which also include cryptocurrencies and digital currencies.
As per the press release by the Australian Securities and Investments Commission (ASIC), the Australian Federal Police (AFP) and the ASIC were conducting investigations related to frauds and identity theft syndicate.
Crypto laundering syndicate using darknet
It has been alleged by the officials that the syndicate bought the identity data that was stolen from the marketplace of the darknet, and then it was used for undertaking identity takeovers.
Furthermore, the syndicate opened different false bank accounts in several Australian banks. The syndicate is allegedly also involved in committing cybercrimes. While it also steals currency from superannuation accounts of victims and the share-trading accounts in the ASX-listed firms.
After committing the robbery, the funds that were stolen were then laundered by the syndicate via the untraceable assets like jewelry and money that was transferred back to Australia as cryptocurrencies.
The acting Commander and AFP Manager Chris Goldsmid stated that ASIC’s major concerns include cybersecurity threats like financial system attacks and data breaches.
Goldsmid furthers that the department will make sure to tackle such crimes related to cyberspace and superannuation in the future as well, and they will also ensure that institutions are maintaining their sufficient cyber resilience.
Cryptocurrency scams and crypto laundering syndicates are on a hit list across the globe as Financial Action Task Force (FATF) is also pushing European countries to strengthen their security. In addition, Australia has a stern stance against laundering and cybercrimes as it is.