Cartel-Linked Crypto Laundering Ring Disrupted by Federal Task Forces

  news.bitcoin.com 22 November 2024 07:43, UTC

A federal grand jury in Miami has charged nine individuals with laundering U.S. drug proceeds into cryptocurrency for Mexican and Colombian cartels, utilizing “a network of black market cryptocurrency launderers and unlicensed money transmitters,” according to the U.S. Department of Justice. From 2020 to 2023, defendants allegedly coordinated cash pickups from U.S. drug sales, converting funds into cryptocurrency sent to wallets under their control, and later back to cash for cartel leaders. Investigators identified Nilson Sneyder Vasquez Duarte and others as key figures in the unlicensed money transmission operation. Federal agencies, including Homeland Security Investigations (HSI) and IRS Criminal Investigation, led efforts under the El Dorado Task Force to disrupt the network. The operation aligns with the Organized Crime Drug Enforcement Task Forces’ (OCDETF) mission to dismantle criminal networks. Nine defendants face charges of conspiracy to commit money laundering and operating an unlicensed money-transmitting business. Additionally, seven defendants are charged with substantive money laundering offenses.

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