Australian Federal Police forms cryptocurrency unit to crack down criminals
People aged 55 to 64 reported the highest total losses, $32 million between 1 January and 1 May, and over 80 percent of losses reported by this age group were lost to investment scams ($26m).
The Australian Federal Police has set up a new cryptocurrency unit to target money laundering as more criminals seek to bypass the financial system and funnel money offshore.
There are other ways cryptocurrency is used illegally. There has reportedly been a rise in crypto criminals who have stolen cryptocurrency either by directly stealing it or through scams. In 2021, it was reported that US$3.2 billion worth of cryptocurrency was stolen from crypto criminals. In Australia, it was reported that $26 million was lost due to scams involving cryptocurrency.
People aged 55 to 64 reported the highest total losses, $32 million between 1 January and 1 May, and over 80 percent of losses reported by this age group were lost to investment scams ($26m).
The idea of setting up the specialized unit was fueled by the fact that although cryptocurrencies formed a small part of criminal assets, which are mostly composed of property and cash, there was a need for additional intelligence and insights, as stated by Australian Federal Police.
