Australian authorities have arrested four individuals as a result of an 18-month investigation into a large-scale cryptocurrency laundering operation, allegedly linked to a cash-in-transit security firm. The Australian Federal Police froze roughly $13.6 million in suspected criminal assets across the states of Queensland and New South Wales during the investigation. The Queensland Joint Organized Crime Taskforce (QJOCT), comprising 70 officers from federal and state agencies, started investigating in December 2023. Their findings suggest the company disguised illicit funds by using an armored vehicle unit to move money through cryptocurrency exchanges. Authorities seized properties, vehicles, and multiple bank accounts as part of their investigation. A suspect’s alleged laundering of $6.2 million over 15 months led investigators to a complex scheme that involved blending legitimate business earnings with illicit cash deposited by criminals, followed by the funds being funneled through various front businesses such as sales promotions companies and classic car dealerships before ultimately entering the cryptocurrency world. This operation highlights the potential for cryptocurrencies to be abused in money laundering schemes, despite their promise of modernizing financial systems.