Argentina uncovers a cryptocurrency scam and money laundering case involving a total of $1.2 billion

ChainCatcher News reports that, according to CriptoNoticias, Argentine authorities have successfully dismantled a large-scale fraud and money laundering case involving cryptocurrencies, with the amount involved exceeding 1.8 trillion Argentine pesos (approximately $1.2 billion USD). The main victims are agricultural enterprises. The criminal organization opened accounts at banks by forging documents, obtained loans, and immediately transferred the funds to cryptocurrency trading platforms, then converted them into virtual assets and transferred them into digital wallets. To conceal their tracks, the organization used third-party personnel to simulate cryptocurrency arbitrage transactions. Investigations show that the individuals involved were not registered in the virtual asset service provider registration system required by the Argentine National Securities Commission. The operation was carried out jointly by the Argentine National Security Department and the Federal Police, with 8 searches conducted, 3 men arrested, and 2 others notified. During the operation, cash, mobile phones, storage devices, laptops, and related documents were seized. The case began with a judicial investigation in October 2025.