Nine Indicted in Cryptocurrency Money Laundering Scheme

Federal authorities have indicted nine individuals for their involvement in a cryptocurrency laundering scheme linked to drug cartels from Mexico and Colombia. The charges, announced on November 21, stem from a multi-agency operation that revealed the defendants converted bulk cash from drug sales in the U.S. into cryptocurrency, which was then sent to cartel leaders abroad. The indictment alleges that the scheme operated between 2020 and mid-2023, with the defendants coordinating cash deliveries and utilizing black-market cryptocurrency exchanges to facilitate the transactions. All nine individuals face conspiracy to commit money laundering and operating an unlicensed money-transmitting business charges. This operation highlights the increasing exploitation of cryptocurrencies by criminal networks to obscure the origins of illicit funds. Authorities emphasize their commitment to dismantling these criminal organizations that abuse digital currencies for illegal activities.