Canaan is known in the crypto world as a major producer of ASIC Bitcoin (BTC) mining hardware.
Under Argentinian law, only permit-holding companies may import dedicated crypto mining rigs.
Officers also published photos of armed officers standing in front of what appears to be a clothing store.
This may suggest that the ring may have used a small store as a front – and a makeshift warehouse – for illicit crypto mining equipment storage.
Agents Seize Money and High-end Phones
Officers also said they seized “more than 30 million pesos” (worth over $31,000) and $19,000 in US dollars.
They added that they conducted multiple raids including in Mar del Plata, a major city on Argentina’s Atlantic coast.
Officers also raided properties in Bahía Blanca, another city, in the southwest of the Buenos Aires Province.
Officers said they had arrested four people, two men and two women, after conducting raids on six residential properties in the cities.
All four have been formally charged with smuggling and money laundering-related offenses, the agencies confirmed.
Company Acted as a Front for Smugglers?
PNA and AFIP officials said they also seized a motor vehicle, multiple electronic items, as well as other financial assets and items of clothing.
They added that they also seized documents they think are related to the case, “linked to a corporation” they think was at the heart of the operation.
In total, the PNA and AFIP said, the assets they seized had a market value of “over $624,000.”
In 2022, the AFIP swooped on illegal Bitcoin mining farms in a range of unusual locations, including a livestock farm and a luxury apartment block.
More recently, the tax agency has announced its intention to crack down on illegal Worldcoin (WLD) resellers.
Argentina’s economy sunk deeper into recession in the second quarter as ripple effects from President Javier Milei’s currency devaluation and austerity exacerbated a downturn. https://t.co/C62RtpIqqS
— Bloomberg (@business) September 18, 2024
The tax body is currently in the middle of trying to ensure that all crypto exchanges in the country abide by anti-money laundering protocols.
Under new regulations, all platforms active in the nation must ensure their clients abide by anti-money laundering protocols.