Cartel Crypto Laundering Scheme Uncovered in Central Mexico

Mexican authorities have discovered an illicit cryptocurrency farm used to launder money for cartels. The operation, located in Sierra Norte, central Mexico, allegedly used power from a nearby hydroelectric system to generate cryptocurrency using powerful computers.

The latest bust shows drug cartels are reaching 'new levels' of sophistication, according to security analyst David Saucedo. The cartel members are making a large profit by allegedly stealing electricity nearby, as the largest cost of crypto mining is the electricity it takes to run the computers.

Cryptocurrency has become increasingly popular among cartels due to its harder-to-track nature and heightened levels of security. In 2022, a global drug cartel was found to have used a popular cryptocurrency exchange app to launder millions.