Australian Man Arrested For Trying to Launder $4.3M with Bitcoin

Australian authorities, through a criminal syndicate, arrested a Sydney man for money laundering after he allegedly tried to convert almost AU$5.5 million (US$4.3 million) in cash into bitcoin.

The man is said to be arrested in his car alongside $1 million in cash, cocaine, and electronic devices.

The report said the New South Wales Police arrested Yi Zhong on Monday he finished stopping his car in a Sydney suburb and seized $1 million in cash, cocaine, and electronic devices.

Zhong arrest is the country’s second case of cryptocurrency fraud after an Australian woman was charged by New South Wales State Police for illegally exchanging over $3 million last May.

Zhong was nabbed trying to convert the cash into cryptocurrency using “money-launderers for hire” and further arrests are anticipated.

The team was said to be led by a cybercrime team called Strike Force Curns, set up in October to investigate the money-laundering syndicate.

The arrest according to the report confirms that Zhong will be facing drug-dealing and money-laundering charges and was refused bail by the Burwood Local Court on Monday.