A UK road gang concerned in fraud, drug dealing, and extortion is paying individuals to launch OneCoin-style memecoins and “dump” on their traders to be able to launder illicit earnings.
Skilled witness and drug crime specialist Gary Carroll, who revealed the memecoin laundering scheme to The Day by day Mail, claimed that “mid-level” members of 1 specific gang are launching memecoins and have tons of of hundreds of kilos to fund it.
Neither The Day by day Mail nor Carroll have been prepared to disclose the memecoin in query to be able to defend the id of Carroll’s sources.
He did, nevertheless, say that the gang is “not a household name,” whereas the paper conceded that the coin in query bears a “passing resemblance” to OneCoin, the billion-dollar crypto pyramid scheme that spawned a worldwide manhunt.
Learn extra: Andrew Tate struggles to pump memecoin amid Florida felony inquiry
The plot is energetic, based on The Mail, and the gang, which has worldwide connections, additionally participates within the promoting of counterfeit items and cigarettes.
Carroll additionally urged that launching memecoins might develop into extra widespread amongst gangs seeking to launder funds, because of the simplicity of the launch course of.
“In one or maybe two years time, there will be cases in court, I’m confident about that,” he mentioned, including that it could develop into a typical technique for gangs to “semi-legitimise their trade.”
The world’s largest memecoin launcher, Pump Enjoyable, which has created a sizeable following primarily based on launching and buying and selling memecoins with ease, is at the moment being sued by Burwick Legislation. The agency claims that Pump Enjoyable is “a magnet for terrorist financing, drug trafficking, and other transnational crimes” and has didn’t comply with anti-money laundering laws.
The agency continues to dominate the memecoin market whereas a latest report means that it’s affected by a widespread “memecoin sniper” drawback.
Obtained a tip? Ship us an e-mail securely through Protos Leaks. For extra knowledgeable information, comply with us on X, Bluesky, and Google Information, or subscribe to our YouTube channel.