Israeli police arrested five people in connection with a $5 million cryptocurrency transaction investigation.

on November 13, according to Cointelegraph, Israeli police arrested five individuals on Tuesday in connection with a money laundering probe involving approximately 16 million shekels (roughly $5 million), with related crypto transactions coordinated through a WhatsApp group. Investigators from the Lahav 433 economic crime unit suspect that the group operated without a license to provide cryptocurrency services and failed to report transactions to Israeli tax authorities. Police stated that the group used fabricated agreements to make the crypto proceeds deposited into bank accounts appear as loans.

Authorities seized wallets, computers, and tens of thousands of shekels in cash during searches of the suspects' residences. Investigators questioned the five individuals on suspicion of money laundering, fraud, and providing financial asset services without a license.