The Kinahan cartel has suffered significant financial losses as a result of the collapse in the value of cryptocurrency investments which it has been unable to convert into hard currency because of sanctions introduced by US authorities.
Intelligence available to officials suggests that the cartel has lost tens of millions, possibly more, as the market value of the world’s top cryptocurrencies crashed by more than $2 trillion in recent months, wiping out gains in bitcoin and ether.
The gang has been unable to convert its crypto holdings into cash as advances in technology allow law enforcement agencies, working in conjunction with private firms, to monitor attempts to convert crypto into hard currency and deposit them in a bank account. Transactions are recorded via blockchain, a
