Cryptocurrency Hit: Federal Coppers Pounce At City ATM

SYDNEY: Australian Federal Police have charged a 45-year-old Sydney man with cryptocurrency laundering offences after he allegedly created fake online accounts, using the details of identity theft victims.

The coppers arrested the man on Wednesday night as he attempted to withdraw funds from a cryptocurrency ATM on George Street, Sydney.

They later searched his Sydney home, and seized $6500 in cash, suspected of being the proceeds of crime, along with a small quantity of suspected methamphetamine and drug paraphernalia.

Police allege multiple withdrawals of $43,350 have been made from fraudulent bitcoin wallets.

The withdrawals were said to have been made via cryptocurrency ATMs.

The man has been charged with one count of dealing with the proceeds of crime; and seven counts of producing false or misleading documents.

Maximum penalties for these offences, if proved, are three years and 10 years imprisonment respectively.

Commented AFP commander Kirsty Schofield: “Crypto-currency presents new challenges and opportunities for law enforcement, but the goal remains the same: deter, detect and disrupt those who seek to cheat the system.“