Israeli authorities have arrested five people in connection with a probe into a roughly $5 million scheme run through WhatsApp that involved crypto trading. Investigators allege the group created fake loan contracts to make proceeds from crypto trades look legitimate, and then moved the money straight into bank accounts. The case highlights how off-chain paperwork and traditional banking channels are sometimes used to obscure the origin of digital asset profits.

How regulators trace these links between crypto activity and fiat accounts is becoming a bigger question for the industry.

Source: https://cointelegraph.com/news/israel-police-arrest-five-5m-whatsapp-crypto-scheme

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