On-chain tracking has proven useful again, but the water of the cross-border money laundering network is much deeper than imagined. Out of $5.2 million in proceeds, only $900k was frozen. Where did the rest go?

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According to a report by Le Monde, a kidnapping case related to cryptocurrency in France has uncovered a money laundering link involving Venezuelan crypto wallets.
The indictment shows that in August 2023, the father of crypto billionaire TeufeurS was kidnapped in France, and TeufeurS ultimately transferred about 1.98 million USD in ransom to two wallets specified by the kidnappers.
French gendarmes then tracked 131,002 USD flowing into a new wallet, whose owner was identified as Venezuelan woman Isabel V.
The investigation states that this wallet received approximately 5.2 million USD in cryptocurrency between 2021 and 2023, and French authorities later seized nearly 900k USD in its balance.
Isabel V. has been charged with organized money laundering, but the full cross-border fund chain has not yet been fully clarified.
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