A gang involved in the drug trade has created its own cryptocurrency

A gang involved in the drug trade has created its own cryptocurrency to launder dirty money

A British street gang has created its own cryptocurrency in a bid to launder dirty money from drug dealing and other illicit activities, according to an expert in drug crime.

The plot, which is currently active, bears a passing resemblance to OneCoin - a fake cryptocurrency launched in Germany that turned out to be a giant Ponzi scheme.

However, this is thought to be the first time experts have observed the launch of a genuine digital coin by a UK gang.

Gary Carroll, an expert witness who provides analysis to the Crown Prosecution Service, learned of the scheme through sources but was unable to name the coin or the gang to protect their identity.

The drug and data interpretation expert described it as a ‘meme coin’, which refers to a cryptocurrency that is designed to go viral on social media and rapidly rise in price.

The gang hoped to sell the coin quickly as part of a ‘pump and dump’ strategy once it becomes more valuable.

'Criminals have been using crypto to launder money for at least 15 years now,' Mr Carroll told MailOnline.

'But developing a meme coin is one step further than simply buying cryptocurrencies like Bitcoin and Ethereum and suggests the process is becoming easier.

'They are using illicit money to pay developers to create a legitimate coin and then launch it onto the