Key Takeaways
- Australian authorities uncovered a $123 million crypto laundering scheme disguised as a security company, resulting in four arrests and the seizure of over $13 million in suspected criminal assets.
- Coinbase CEO Brian Armstrong pledged to fix widespread account freezing issues, claiming an 82% reduction so far, while Michael Saylor hinted at another large Bitcoin purchase following Strategy’s $1 billion stock raise.
In a major blow to crypto-financed crime, Australian authorities have charged four individuals in connection with a $123 million Crypto laundering scheme allegedly operating behind the façade of a legitimate security business. The operation, uncovered after an 18-month multi-agency investigation, reportedly funneled criminal proceeds through a cash-in-transit security company before converting the funds into cryptocurrency.
The Queensland Joint Organized Crime Taskforce (QJOCT) revealed that the suspects used armored vehicles to collect illicit cash, blending it with clean revenue before funneling it through a network of front companies — including a classic car dealership and a sales promotion firm. The scheme was allegedly used to obscure the origins of the laundered funds, which were ultimately distributed in cryptocurrency or through these businesses. Authorities have frozen approximately $13.6 million in assets across Queensland and New South Wales as part of the probe.
Coinbase Works to Resolve Widespread Account Freezing Complaints
Meanwhile, in the United States, Coinbase CEO Brian Armstrong addressed a long-standing user grievance: frozen accounts. In a June 6 post on X, Armstrong said the crypto exchange had reduced unnecessary account freezes by 82%, calling the issue a “major priority.”
Account freezing has been a major issue at Coinbase for longer than is acceptable. I could list a bunch of the underlying reasons why it got so bad in the first place, but what's more important is that we've made it a priority to fix, and we have been making good progress. Shout… https://t.co/Emrq6KQhpD
— Brian Armstrong (@brian_armstrong) June 6, 2025
For years, Coinbase users have reported sudden and prolonged restrictions on their accounts, sometimes lasting several months. The issue has been compounded by a recent data breach that exposed personal details of over 70,000 customers, further eroding trust. Armstrong urged affected users to contact Coinbase Support, promising ongoing updates as improvements continue to roll out.
Also Read: Michael Saylor Urges Investors to Buy Bitcoin at Bitcoin 2025
Michael Saylor Signals Another Bitcoin Buy After $1B Fundraise
Michael Saylor, executive chairman of Strategy, appears to be preparing for yet another Bitcoin purchase — the ninth in as many weeks. In a cryptic June 8 post on X, Saylor wrote, “Send more Orange,” accompanied by a chart of the firm’s Bitcoin holdings.
Just days earlier, Strategy bought 705 BTC for $75 million, bringing its total to 580,955 BTC — now worth about $61.4 billion. The post also follows the firm’s announcement of a $1 billion stock offering, up from its earlier $250 million target. Strategy has indicated it will use the funds to acquire more Bitcoin and cover corporate expenses, further cementing its role as one of the largest institutional holders of BTC.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
