Argentine police have busted a cryptocurrency fraud and money laundering ring involving over $1.2 billion.

Argentine police, in a coordinated operation with the Ministry of National Security and the Federal Investigation Department (DFI), have dismantled a criminal organization involved in cryptocurrency fraud and money laundering. Argentine authorities confirmed that the organization caused economic losses exceeding 1.8 trillion Argentine pesos, approximately US$1.2 billion, with the primary victims concentrated in the agricultural sector. The case began in October 2025 when the Functional Investigation and Trial Department N.º 3 of the Pergamino Judicial Department in Buenos Aires Province, in conjunction with the Cybercrime Department and the Organized Crime Intelligence Department, began investigating a series of repeated operations suspected of fraud and money laundering. Investigators determined that the group used forged documents to open bank accounts at different branches of private banks. Subsequently, the individuals involved obtained loans through these accounts and immediately transferred the funds to accounts belonging to cryptocurrency companies. Security forces believe that the individuals then transferred the funds to other platforms within the same industry, converting them into virtual assets and transferring them to digital wallets. To conceal the operations, the organization used third parties to feign cryptocurrency arbitrage. Furthermore, authorities confirmed that none of the individuals involved were registered with the Virtual Asset Service Provider (PSAV) required by the Argentine National Securities Commission. The judiciary issued disclosure orders to the branches of the banks involved, thus identifying several victimized companies, all of which were related to agricultural and industrial activities. Judge César Alejandro Solazzi and Secretary María Alicia Clerc of the Pergamene Judicial Department's Guarantee Court N.º 1 ordered eight searches, two in the Autonomous City of Buenos Aires, four in Buenos Aires Province, and two in Santa Fe Province. Three men were arrested in the operation, and two others were notified to participate in the investigation. Police also seized cash, mobile phones, USB drives, storage devices, laptops, bank cards, and documents. The Pergamene Federal Operations Unit (DUOF), Santa Fe Provincial Police, and the 4th Police Station of Firmat City assisted in the operation. This case is one of several criminal dismantling operations related to cryptocurrency use in Argentina in 2025. According to CriptoNoticias, in late July, the Financial Information Service (UIF) ordered the freezing of cryptocurrency-related virtual wallets and accounts after discovering potential links to international terrorist financing networks.