A marketplace supplying drugs and restricted substances in exchange for cryptocurrency was identified by police before they carried out raids in Chatswood and Rose Bay homes yesterday.
Officers found more than 100 grams of cocaine and MDMA, three kilograms of powders believed to be drugs, thousands of unknown tablets and 17 kilograms of lollies suspected to be laced with THC.
Almost $60,000 in cash was also seized along with electronic devices, cryptocurrency and an engagement ring worth $100,000 which is believed to be the proceeds of crime.
A business at Rose Bay was also searched.
A 33-year-old man was arrested at the Chatswood home and a 39-year-old man was arrested at the Rose Bay home.
Both men were taken to Surry Hills Police Station.
“Police will allege in court that the men were involved in more than 30,000 individual drug transactions being conducted since 2015, with at least $1.16 million in cryptocurrency being received over a 12-month period,” NSW Police said in a statement.
The pair were refused bail and will appear before court today.
Detective Superintendent Matthew Craft said the two men were allegedly at the helm of a “well equipped drug supply network” conducted over the dark web.
“In terms of scale, this operation sits as one of the more sophisticated we’ve seen with respect to both the quantity of illicit drugs being traded, right through to distribution and packaging,” he said.
“We will be alleging the profits both these men were reaping as a result of these illicit trades were so vast, attempts were made to launder funds in cryptocurrency and cash using third parties.”