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HomeCrypto NewsMarketSydney Police Unearth Luxury Cars Linked to $5.5M Crypto Fraud

Sydney Police Unearth Luxury Cars Linked to $5.5M Crypto Fraud


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Police in Sydney have unraveled a crypto scam worth millions of dollars after raiding a warehouse consisting of luxury motorbikes and cars.

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According to Daily Mail, detectives have recovered six classic and luxury cars worth $2.7M, including a Ferrari 458 valued at $600K, after storming a warehouse. These items are linked to a cryptocurrency scam, which caused two companies to lose $5.5 million.

Two men aged 39 and 67 years were arrested based on these possessions. The younger one was the mastermind of the cryptocurrency scheme, and he faced three counts of crime proceeds and fraud. On the other hand, the older man facilitated the transfer of funds and organized the sale of the Ferrari on behalf of the younger man to evade detection by the police.

The other goods seized included crypto wallets, eleven luxury motorbikes, nunchucks, and seven luxury watches.

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After four months of thorough investigations to determine how the two companies lost funds in the crypto scam, the police unit formed by the Financial Crimes Squad has finally made a breakthrough. It was established in March this year to delve deeper into the cryptocurrency fraud still in operation as early as 2021.

One of the lead detectives, Gordon Arbinja, noted that the progress made was a quick reminder that crypto trading requires due diligence. He emphasized the importance of responsible handling of cryptocurrency, stating that while it’s not illegal, precautions should be taken to avoid scams. He advised using AUSTRAC-approved digital currency exchanges and carefully reviewing all transaction details.

Scamming continues to be a burning issue in the cryptocurrency space. For instance, the British army found itself on the receiving end last year after crypto scammers took over its YouTube and Twitter accounts, The Crypto Basic reported

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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