Argentina has busted a $1.2 billion money laundering scam involving cryptocurrency fraud.

According to CriptoNoticias, Argentine authorities have successfully dismantled a large-scale cryptocurrency fraud and money laundering case involving over 1.8 trillion Argentine pesos (approximately US$1.2 billion), primarily targeting agricultural businesses. The criminal organization opened bank accounts using forged documents, obtained loans, and immediately transferred the funds to cryptocurrency trading platforms, where they were then converted into virtual assets and deposited into digital wallets. To conceal their activities, the organization used third parties to simulate cryptocurrency arbitrage transactions. Investigations revealed that none of the individuals involved were registered in the virtual asset service provider registration system required by the Argentine National Securities Commission. The operation, a joint effort by the Argentine Ministry of National Security and the Federal Police, involved eight searches, resulting in the arrest of three men and the notification of two others. Cash, mobile phones, storage devices, laptops, and related documents were seized. The case began with a judicial investigation in October 2025.