How Mexican cartels are using crypto farms to launder money
A cryptocurrency mining operation was allegedly using power from a nearby hydroelectric system in Mexico (Picture: Reuters)
Mexican authorities have uncovered an illicit cryptocurrency farm used to launder money for cartels.
In Sierra Norte, central Mexico, police found a small building making a lot of noise – and allegedly using power from a nearby hydroelectric system.
The building allegedly used powerful computers to generate the currency.
David Saucedo, a security analyst, told Reuters that the latest bust shows drug cartels are reaching ‘new levels’ of sophistication.
And with the largest cost of crypto mining being the electricity it takes to run the computers, the cartel members are said to be making a large profit by allegedly stealing electricity nearby.
Cartels are increasingly relying on cryptocurrency, which is harder to track than standard currencies and has heightened levels of security.
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Starlink antennas were found on the suspected crypto mining buildings (Picture: Reuters)
In 2022, a global drug cartel was found to have used a popular cryptocurrency exchange app to launder millions.
US Drug Enforcement Agency informants used a crypto trade forum and interacted with a user offering to exchange cryptocurrency for cash.
The transaction involved sending Bitcoin or a ‘stablecoin’ like USDC to the seller’s account and then meeting them to collect the cash in person. An investigation found that the cash from the courier was traced back to drug sales.
As the US moves to sanction and crack down on cartels for sending drugs throughout the country, the organised criminals have turned to more unorthodox methods like cryptocurrency.
They’ve also decked themselves out like private militias, armed with semi-automatic rifles, tactical gear and even tanks.
Anti-tank rifles, rocket grenades and even tanks have found their way into the hands of cartel members around Mexico.
Various cartels are at war with one another, vying for control of a multi-billion-pound illicit industry.
In their fight to control the drug industry, cartels are turning to more modern weaponry, including drones and improvised explosive devices (IEDs).
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