Argentine Law Enforcement Takes Aim at Crypto-Related Crime in Latin America
In a significant move to combat cryptocurrency-related crime in Latin America, Argentine law enforcement agencies have been making strides in disrupting and dismantling illicit networks.
Disrupting Illicit Networks
A series of high-profile operations in recent months has resulted in the seizure of millions of dollars’ worth of cryptocurrencies, as well as the arrest of several individuals involved in money laundering schemes. The cases highlight the growing sophistication of Argentine law enforcement’s knowledge and capabilities in cryptocurrency investigations.
Notable Examples
- Operation Conducted by UFEIC: The Prosecutor’s Unit Specializing in Cybercrime Investigations (UFEIC) within the Judicial Department of San Isidro in Buenos Aires seized cryptocurrencies as part of a prosecution. The team identified and arrested six members of a cybercrime ring for hijacking victim cell phones through phishing and SIM swapping.
- Operation Conducted by Public Ministry of Buenos Aires: The team conducted 27 search operations and seized fraudulently obtained cryptocurrencies. The investigation revolved around cyber actors phishing and impersonating legitimate businesses, then converting the illicit proceeds to cryptocurrency.
Blockchain Intelligence Tools
In both cases, the teams were able to recover electronic crypto wallets and seize their assets using blockchain intelligence tools and traditional investigative techniques. They also mapped out the criminal network through cryptocurrency tracing, identifying additional victims, complicit money mules, and additional members of the organization.
Regional Successes
- Brazilian Federal Police: The Brazilian Federal Police dismantled two large money laundering schemes involving cryptocurrencies and fiat currencies. The operations resulted in the arrest of 11 individuals and the seizure of over $400,000 in cash.
- Public Ministry of Rio de Janeiro: The team arrested four Colombian nationals who used dating apps to steal cryptocurrency from victims. Using TRM Forensics, investigators were able to recover 6,000 USDT in stolen funds during their search and seizure operation.
Key Takeaways
The successful seizures in these cases reflect an investment in cryptocurrency-specific seizure processes and training. Officers must be equipped to identify cryptocurrency-related evidence, such as seed phrases and private keys, on scene.
Blockchain analytics tools play a pivotal role in making sense of this information and turning it into evidence.