Malaysian police cracked a money laundering scam involving cryptocurrency, seized 18 luxury cars and froze $10.8 million in bank accounts

Malaysian law enforcement officers recently arrested ten suspects suspected of using cryptocurrency to launder money. Assets including cars worth more than $7.7 million were seized, and bank accounts holding about $10.8 million were frozen. Law enforcement officers seized more than $3.9 million worth of designer watches, 18 luxury cars, motorcycles and handbags, and a total of $106,800 in cash. Malaysian Police Chief Tan Sri Razarudin Husain revealed that the eight men and two women arrested, aged between 28 and 51, used unregistered money changers and cryptocurrency exchanges to transfer funds from illegal activities from abroad to Malaysia. The individuals have been detained under Section 4 (1) of Malaysia's Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act. (Bitcoin.com)