Australian Minister Peter Dutton Warns Terrorists Are Turning to Cryptocurrency

  • Australia's Minister of Home Affairs Peter Dutton warns that terrorists are using the anonymity of cryptocurrency to fund their projects. 
  • Dutton called upon the Australian government to get ahead of digital currencies and welcomed input from the country's private lenders. 

Australian Minister of Home Affairs Peter Dutton has issued a warning that terrorists are using cryptocurrency to fund their “deadly missions.”

Dutton made his comments during a counter-terror conference held in Melbourne. According to the Australian official, terrorists are exploiting the anonymity provided by bitcoin and other crypto-assets to avoid the scrutiny of authorities. 

During the conference he said the "anonymity afforded by such technologies enables terrorist financiers to obfuscate their activities," and continued:

The increasing use of digital and crypto-currencies, stored-value cards, online payment systems and crowd-funding platforms provide new channels through which terrorism may be financed.

Dutton warned that countries need to get ahead of the use of digital currencies while continuing to monitor traditional terrorist channels such as ransom money and fraudulent charities. He highlighted charities, in particular, as a devious avenue for terrorism funding, 

In many cases, not-for-profits are not even aware that they are being taken advantage of.

The Australian minister also called upon the country’s private lenders to assist in combating terrorism and welcomed input from outside of the government. 

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Luxury Cars and $15 Million in Crypto Seized in Chinese Arbitrage Scam Bust

Michael LaVere
  • Chinese authorities seized $15M in crypto and several supercars following scam ring bust.
  • The group was allegedly operating an arbitrage scam that promised users fake Huobi Tokens. 

Chinese authorities have reportedly seized more than $15 million in crypto-assets and $2 million in supercars after busting up an arbitrage scam selling counterfeit tokens. 

According to a report by China’s Ministry of Public Security, police in the city of Wenzhou arrested 10 individuals connected to operating a fraudulent cryptocurrency scheme. The report claims the arbitrage group was scamming victims using blockchain smart contracts to generate fake cryptocurrencies. 

Following the bust, authorities seized bitcoin, ether, and tether worth over 100 million yuan ($15 million). The report also claims police seized several supercars, including a Ferrari and a McLaren valued at more than $2 million, in addition to the luxury villa in which the scammers were staying. 

The arrested individuals had reportedly operated a smart contract scheme since 2019, which advertised a blockchain product that claimed to generate Huobi’s native token HT. Unsuspecting consumers were promised the tokens would generate arbitrage opportunities worth a return of up to 8%. 

One victim, identified as Li in the report, first notified police after joining a Telegram group belonging to the scam artists. 

Li told authorities, 

Simply put, you send one unit of ETH to a designated address, you will receive 60 HT. And then you can sell it to gain the difference.

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