Australian authorities have arrested four individuals in connection with a $123 million money laundering operation that funneled illicit cash into cryptocurrency. The Australian Federal Police, in collaboration with other agencies, conducted raids in Brisbane and the Gold Coast following an 18-month investigation. The suspects are accused of using a security company to launder drug money and criminal proceeds through shell businesses, car sales, and crypto exchanges. One man allegedly laundered $6.16 million by using a sales promotion company registered under his wife's name. The company's director and general manager, along with a classic car dealership owner, also face money laundering charges. This case highlights the increasing use of cryptocurrency to conceal illegal funds, with authorities seizing over $110 million in crypto assets in the past year. Australian authorities are cracking down on organized crime's use of crypto, with total seizures amounting to $1.2 billion since 2019. Read more AI-generated news on: https://app.chaingpt.org/news