YEREVAN (CoinChapter.com) — A UK drug gang created a meme coin to launder criminal earnings, according to a report by MailOnline published on April 22, 2025. The case is believed to be the first time a British street gang has launched its own cryptocurrency to clean illicit money.
Instead of using mixers or privacy coins like Monero, the gang launched a meme coin designed to attract online attention. Their plan was to promote the token on social media, inflate its value, and sell it for clean funds. They aimed to present the earnings as crypto income rather than drug sales.
The gang’s criminal activities include drug trafficking, extortion, smuggling of counterfeit goods, and illegal tobacco sales. The report did not name the gang or disclose the name of the token. However, the scheme highlights the growing use of meme coins in money laundering.
Expert Warns Meme Coins Simplify Criminal Laundering
Gary Carroll from Claymore Advisory Group told MailOnline that crypto has been part of laundering networks for over a decade. But meme coins, he said, make the process easier.
“Even if the coin only rises by a small amount, they could still make a lot of money before selling out. Those profits will appear to be from crypto entrepreneurship rather than drugs,”
Carroll explained.
According to him, the gang used online promotion tools to increase token visibility. Once the price climbed, they cashed out the earnings. The key goal was to present the income as legal, earned through cryptocurrency activity. Carroll said the method does not require much technical skill, especially with tools that simplify coin launches.
The use of social platforms like X allowed the gang to build hype around the token without revealing identities or sources of the funds.
Scams Crossed $500 Million in 2024, Report Says
Merkle Science released a report in February 2025 showing that meme coin scams cost investors more than $500 million in 2024. The data covered rug pulls, pump-and-dump schemes, and fake token promotions.
According to the report, 75% of these scams were promoted on X , while 19% used YouTube. Psychological manipulation tactics made up 44% of the methods used. These included fake urgency, impersonation, and false promises.
Most scams took place on the Solana blockchain. Solana’s fast and low-cost structure, paired with platforms like pump.fun, allowed criminals to launch tokens quickly. These platforms provide simple templates for coin creation and listing. This removes the need for deep technical skills, making meme coin scams accessible to non-technical users, including organized crime groups.
Launchpads Like Pump.fun Linked to Growing Meme Coin Abuse
The gang reportedly used tools like pump.fun, a platform built on Solana. These platforms let users create and list meme coins in minutes. Once created, the tokens can be promoted across social media to attract buyers.
Experts noted that launchpads lower the entry barrier for anyone, including criminals. Once enough hype builds, the criminals sell the tokens for clean crypto like USDT or SOL and move the funds to private wallets or exchanges.
Carroll said this technique may become more common due to the simplicity of the tools involved. While UK law enforcement has not prosecuted such a case yet, investigations into meme coin-related crime are likely to increase if the trend continues.
The MailOnline report did not confirm whether any arrests had been made. However, the case has drawn attention to how crypto tools and platforms are used for laundering by mid-level organized gangs in the UK.
