Crime syndicate hit with $5.4m loss amid Bitcoin price crash
The cryptocurrency crash is delivering a staggeringly expensive blow to the crime syndicate targeted in the nation’s biggest Bitcoin bust.
Victoria
Don't miss out on the headlines from Victoria. Followed categories will be added to My News.
A crime syndicate has taken a $5.4m hammering after cryptocurrency seized from it by Victoria Police crashed in value.
The criminal proceeds squad restrained the $8.5m in Bitcoin after a major investigation into dark web drug trafficking.
The bust – the largest cryptocurrency seizure in the nation’s history – was part of a $13.1m assets sweep launched after an inquiry ignited by a tip from the Federal Bureau of Intelligence in the US.
But the crypto seizure, made in late August last year, has proved to be doubly bad news for its owners.
A steep market collapse since then has meant the Bitcoin is now worth $3.08m
The price of the high-profile cryptocurrency has crashed from about $68,700 at the time it was seized to now be sitting about $24,900.
Homes, $2.6m in cash and motor vehicles were also seized as police raided properties in Kinglake, Preston, Prahran, Dollar and South Yarra.
Commander Mick Frewen said at the time of the seizure that two people arrested and charged were “unremarkable” people.
“This is the 21st century of drug trafficking and money laundering, with criminals using technology to enable immense amounts of harm and misery,” he said.
Earlier this year, two women were arrested in Melbourne over allegations they were involved in a sophisticated ring in which drugs were traded for cryptocurrency online.
It is alleged more than 250 parcels containing methylamphetamine, heroin, cocaine and MDMA were intercepted as part of an operation by the joint Icarus taskforce.
Cryptocurrency is viewed as a new frontier for organised crime in Australia.
Senior police said earlier this year that money launderers were pouring huge sums of money into it rather than using slower “washing” processes like casinos and poker machines.
Originally published as Crime syndicate hit with $5.4m loss amid Bitcoin price crash
‘Useless s**t’: Judges get brutal on Block ‘peep show’ rooms
Only two teams are left unscathed by the judges this week after teams deliver a mixed bag of “uncomfortable”, “s..t” and “meh” rooms.
Toothpaste, frozen prawns hot ticket items for supermarket thieves
Thieves are making off with shopping trolley loads of items and selling the goods to tobacconists and convenience stores – with demand high for Sensodyne toothpaste and bags of frozen prawns.
Tributes flow for Andrew Truman after callous Elizabeth St assault
A man who died after sustaining critical head injuries in a senseless attack on Elizabeth St is being remembered as a “vibrant, independent, and courageous man”.
Melbourne Cup Parade shifted to farm thanks to Big Build works
The race that stops a nation usually stops traffic with a parade through city streets the day before the Melbourne Cup. This year, 1000 fans will instead salute retired racehorses at a farm near the airport.
$675m pothole blitz to fix Victoria’s crumbling roads
A major nine-month maintenance program to patch potholes and repair Victoria’s crumbling roads will soon begin, with the busiest roads set for a massive overhaul.
Ex-AFL star’s wife makes impassioned plea from Bali jail after sex raids scandal
The estranged wife of former Bomber Ricky Olarenshaw has made a desperate plea from a Bali prison, claiming she has been exploited by her husband and his Australian business partners.