7NEWS Australia published this video item, entitled “Sydney dog owners caught up in puppy scam | 7NEWS” – below is their description.
A Sydney man is accused of scamming more than $91,000 from wannabe dog owners before laundering the money through cryptocurrency.
Police say the man acted as a money mule for a multinational crime syndicate, receiving $91,580 in deposits from buyers into his bank accounts before converting the money into cryptocurrency.
The 53-year-old was arrested this morning at a unit on George Street in Sydney’s CBD.
7NEWS Australia YouTube Channel
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In This Story: Cryptocurrency
A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Bitcoin is the first decentralized cryptocurrency. Since the release of bitcoin, other cryptocurrencies have been created.
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Major exchanges and platforms enable the purchase, trading and swapping of cryptocurrencies. To get started with crypto, register with an exchange or platform such as: