Argentine police have dismantled a criminal network that used cryptocurrency for fraud and money laundering, involving approximately $1.2 billion.

Argentine police have dismantled a criminal network involved in cryptocurrency fraud and money laundering, with the amount exceeding 1.8 trillion Argentine pesos (approximately US$1.2 billion). The primary victims were agricultural and industrial enterprises. Investigations revealed that the criminal group opened accounts at private banks using forged documents and illegally obtained loans. The funds were then quickly transferred to cryptocurrency platforms, converted into virtual assets, and transferred to digital wallets. Simultaneously, they used third parties to conduct fraudulent cryptocurrency arbitrage to conceal the flow of funds. Law enforcement confirmed that none of the individuals involved were registered on the list of Virtual Asset Service Providers (PSAVs) required by the Argentine National Securities Commission. (CriptoNoticias)