First Seizure of Stablecoins Recorded in Argentina as Authorities Disrupt Money Laundering Operation

In what local media are calling the first operation of its kind, the Argentine judicial system ordered the seizure of nearly $28,600 in stablecoins from a criminal organization that used cryptocurrency to launder millions of dollars. The criminals obtained these funds from two main activities: phone smuggling and operating illegal online casinos.

Argentine Justice Orders the First Seizure of Stablecoins in Money Laundering Case

Law enforcement agencies are integrating cryptocurrency analysis and monitoring tools to enhance their awareness of crypto-related crimes. In what local media has called the first operation of its kind, the Argentine justice system has ordered the seizure of almost $28,600 in stablecoins linked to a money laundering case using cryptocurrency. The cryptocurrency seized will pass into the state’s custody.

The criminal organization that was caught had two key activities: smuggling cell phones through contacts in customs and operating illegal online casinos. The income from these activities was then exchanged for cryptocurrency and laundered using exchanges. The Financial Intelligence Unit (UIF) detected over $10 million in deposits going to the organization’s Binance accounts.

Over $7 million in transactions were also executed to mix the funds obtained and obfuscate their true origin. Nonetheless, Argentine authorities did not disclose the nature of the tools tools used during these operations.

The operation involved 22 interventions in several sites in Mar del Plata, where authorities confiscated cash, computer equipment, cell phones, accessories, supplies, and devices linked to cryptocurrency mining.

Segundo Carranza, a cybercrime and money laundering expert, highlighted the relevance of this case for the future of the Argentine justice system. He stated:

This case sets an important precedent in Argentine jurisprudence and demonstrates the authorities’ commitment to combat money laundering and other financial crimes that adapt to new technologies such as cryptocurrencies.

Carranza also stated that cryptocurrencies, due to their specific traits of pseudonymity, decentralization, and easy internationalization were “attractive” for criminals seeking to hide the origin of their illicit earnings.