A 38-year-old man has been arrested by the Australia detectives as part of an investigation into an unregistered cryptocurrency exchange.
The man was at his residence in Cairnlea — a Melbourne suburb where police seized “a reasonable amount of money and false identification documents in his possession.”
A cryptocurrency ATM from a shopping mall in nearby Braybrook was seized from him too. According to Google Maps is approximately 8 kilometres away from Cairnlea.
The investigation began in June after The Australian Transaction Reports and Analysis Centre (AUSTRAC), a government financial intelligence agency tasked with monitoring transactions, started the investigation in June when intelligence reports were provided regarding scam activity linked to the ATM.
Despite the cease and desist notice given to him by the AUSTRAC on 1st of November 2018, the man still continued to use ATM to provide an unregistered cryptocurrency exchange services.
From the look of things so far, it seems that Australian law enforcements are well versed with cryptocurrency scams.
In fact, between January and July this year, the Australian Competition and Consumer Commission (ACCC) stated that a record of $14.76 million was lost in August to victims of cryptocurrency investment scams in the country.
It was also noted that there was cold call which tricked more than 100 victims into losing $2.7 million in a crypto investment scam which led the Australian police to arrest and charge five persons in connection with the crime.
Another crypto crime that happened in July when Australian couple made headlines after they reportedly lost $900,000 to an elaborate scam.
Australia is reportedly scrutinizing Facebook over its ‘cryptocurrency‘ plans as this ongoing reports about digital currencies and scams are on the high frequency.
Credit: Yessi Bello Perez
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