Australian authorities have uncovered a massive crypto laundering operation worth over $123 million USD, allegedly run through a legitimate-looking armored vehicle security firm. Following an 18-month probe by the Queensland Joint Organized Crime Taskforce, four individuals have now been charged in connection with the operation, which laundered dirty cash into cryptocurrency under the guise of standard business activity.

Investigators froze more than $13.6 million in assets and revealed that the scheme used a mix of legitimate revenue and criminal cash, channeling funds through a network of businesses — including a sales company, a vintage car dealership, and multiple crypto exchanges. One suspect alone was found to have processed nearly $10 million over just 15 months.

Authorities say the front business helped obscure illicit financial flows by combining clean and dirty money before converting it into crypto. These funds were then funneled to various recipients, either in digital assets or via the shell businesses, highlighting how traditional industries are being exploited to mask crypto crimes.

While blockchain's transparency has helped law enforcement track suspicious activity, criminals continue to use DeFi tools, cross-chain bridges, and mixing services to try to cover their tracks. Chainalysis data shows over $100 billion in crypto moved from illicit wallets into conversion platforms since 2019.

Physical violence related to crypto is also rising. High-profile cases include the kidnapping of Ledger’s co-founder David Balland and a failed crypto ransom attempt involving the family of Paymium’s CEO in Paris. In response, crypto investors like the “Bitcoin Family” have taken extreme steps to protect their digital assets — even splitting their wallet seed phrase across four continents.