Osaka Police Uncover Crypto Money Laundering Case Involving Billions of Yen

CoinFeed June 20 news, according to Kyodo News, Osaka Prefectural Police recently arrested three men on suspicion of violating the Organized Crime Punishment Law. The three provided money laundering services for an investment fraud group, using stablecoins and other crypto assets to conceal the flow of illegal funds. Police investigations revealed that the three took proceeds from the fraud group, converting approximately 14 million yen in fraud funds from 10 victims across 6 prefectures in Japan into stablecoins and other crypto assets, thereby severing the traceability of funds and hiding the origin of criminal proceeds. The three suspects are over-the-counter crypto traders, using peer-to-peer private transactions that bypass licensed exchanges. Police assess that the overall money laundering scale involving this group reaches billions of yen, belonging to a large crypto money laundering criminal network.