In a startling development out of the UK, a criminal organization has reportedly designed and launched its own cryptocurrency as part of a money laundering scheme—marking what experts believe to be the first known instance of this kind in the country.
Rather than using established digital assets like Bitcoin or Ethereum and funneling them through traditional mixing services, this gang opted for a more hands-on approach: they created a meme coin. The goal? To spark viral online interest, inflate the token’s value, and then cash out, making their earnings appear as legitimate gains from the crypto market rather than proceeds from crime.
Investigators say the group, operating in the mid-tier of organized crime, has its hands in everything from drug distribution and fraud to trafficking counterfeit goods and illicit tobacco. The identity of both the gang and the token has not been disclosed, but the method is raising serious alarms.
Gary Carroll, a specialist in drug-related criminal networks, noted that while crypto has long been a tool for laundering, meme coins now present a simpler and faster route. The gang’s strategy reportedly revolves around leveraging social media hype to pump the coin’s value before rapidly dumping it for cash, disguising illegal profits as earnings from digital entrepreneurship.
With the ease of launching new tokens—thanks in part to platforms known as launchpads—experts warn that this might be the beginning of a wider trend. Meme coin-related scams have already wreaked havoc on the market, causing billions in losses through fraudulent schemes like pump-and-dumps and rug pulls.
Carroll believes this approach could become increasingly common. He expects future court cases to spotlight the tactic, as more criminal groups look to “semi-legitimize” their operations through the deceptive appearance of tech innovation.
A recent report by Merkle Science highlighted just how widespread meme coin scams have become. In 2024 alone, over half a billion dollars were lost in these schemes. The vast majority of incidents stemmed from platforms like X (formerly Twitter) and YouTube, with social engineering playing a major role. Solana was identified as the most common blockchain used for rug pulls, largely due to tools that simplify the creation and marketing of meme tokens.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/uk-crime-gang-creates-meme-coin-to-launder-drug-money/