A man who allegedly laundered millions of dollars on behalf of a dark web drug vendor has been charged after one of the largest cryptocurrency seizures in recent police history.
The 36-year-old was arrested on Tuesday on accusations he dealt with nearly $3 million on behalf of a major online drug vendor.
The vendor he allegedly worked for is believed to have sold over $80 million worth of prohibited drugs in the last six years, NSW Police said on Friday.
During two raids in the Sydney city centre, detectives seized bitcoin worth more than $1 million, as well as another $1 million in luxury watches and jewellery, a car and cash.
The man was charged with knowingly dealing with the proceeds of crime and supplying a prohibited drug.
He was refused bail and appeared before Downing Centre Local Court on Wednesday, when he was formally refused bail to appear again in March.
Cybercrime Squad commander Matthew Craft said the raids resulted in one of the largest cryptocurrency seizures in recent years.
"We're aggressive in our search and seizure capabilities," he said.
"To those who think they can hide on the dark web or hide their assets in cryptocurrency – those things are no longer barriers for us."
