Australian authorities have uncovered a $123 million crypto laundering ring allegedly run through a Brisbane-based security company, in one of the country’s largest digital asset crime busts to date.
The operation, jointly led by the Australian Federal Police (AFP) and the Australian Taxation Office (ATO), involved the execution of multiple search warrants across Queensland. Investigators claim the laundering network relied on fraudulent invoicing, shell companies, and cryptocurrency transactions to obscure the origin of illicit funds.
According to the official ATO statement, the suspects used their business as a front to process and disguise crypto-based proceeds from criminal activity. Large volumes of encrypted communications and financial data were seized during raids, as well as cash and luxury assets.
The company had been under surveillance for months, with digital forensics and blockchain analysis playing a key role in tracing the flow of funds.This case adds to growing concern over crypto being used in complex cross-border financial crime, and underscores the increased use of blockchain tracing by law enforcement.
