Mexican drug gangs are still dabbling in cryptocurrencies, says Binance, as it helps the DEA investigate as much as $50 million in suspect transactions.
Bitcoin and other cryptocurrencies are increasingly popular with Mexico's infamous drug cartels. Now a case shows how many millions two Mexican narcotics dealing and money laundering suspects are shifting over the world's biggest crypto exchange, Binance.A methamphetamine and cocaine gang operating across the U.S.
This is actually an example of where the transparency of blockchain transactions works against criminal actors.By surveilling the alleged couriers of the cash, and having an undercover agent deal directly with Echavarria, the DEA said it tracked the money back to drug sales. In August, Echavarria, who was arrested last year, pleaded guilty to two charges, one of drug dealing, the other of money laundering. He awaits sentencing.
Thanks to information provided by Binance, the DEA was able to identify the owner of that second account. Though he’s named in the warrant,Binance senior director of investigations Matthew Price, a former IRS cybercrime agent, toldthe Echavarria case was notable as it showed a Mexican-based operation laundering significant drug money through cryptocurrency wallets. Previous, but transactions were only in the tens of thousands.
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