Australian Law Enforcement Authorities Arrest 21 Year Old For Crypto Fraud

A 21-year old woman is due to appear in court for laundering millions of stolen funds in cryptos.

The Australian Federal Police (AFP) and Australian Securities and Investments Commission (ASIC) have been conducting investigations into the multi-layered cybercrime activity for more than twelve months. This operation is now being conducted as part of the Government’s joint-agency Serious Financial Crime Taskforce (SFCT).

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.

AFP Manager Cyber Crime Operations, acting Commander Chris Goldsmid, said this complex and detailed investigation revealed cybercrime occurring on multiple levels. He added:

“From identity theft, where innocent victims have their personal details stolen and sold online in darknet marketplaces; to hacking and phishing – this investigation has illustrated the devastating impacts that compromise of your identity can have.”

Investigations are continuing to identify the number of affected victims and the scale of the alleged fraud, though it is expected to be worth millions of dollars.

The prevalence of scams involving cryptocurrencies is increasing in Australia, with the Australian Competition and Consumer Commission (ACCC)’s reporting a 190% increase in instances of crypto fraud within a year. In 2019, this number could be easily topped. Back in July, an elderly couple lost a whopping 900,000 to an elaborate crypto scam, thus wasting all their retirement savings.

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