- European police dismantled a large-scale criminal crypto network in Spain, arresting 17 suspects and seizing $2.7 million in assets.
- The group, made up of Chinese and Syrian members, allegedly moved over $23.5 million for human traffickers and drug criminals.
- Authorities confiscated cash, weapons, luxury goods, and cryptocurrency, identifying the network as a major player in illicit banking.
European law enforcement agencies broke up what they described as a “mafia crypto bank” in Spain earlier this year, following a coordinated operation that resulted in the arrest of 17 individuals. According to a statement by Europol and Spain’s national police, the raids took place in January and targeted a criminal network providing cryptocurrency services for human trafficking and drug operations.
The investigation revealed that the group allegedly moved more than $23.5 million and managed assets for illicit activities. During the raids, police seized real estate valued at $2.7 million, along with $205,000 in cryptocurrency, $700,000 in cash and bank accounts, four shotguns, luxury items, and 18 vehicles worth over $232,000.
Police described the operation as having two main branches, serving criminal organizations in China and Arabic-speaking countries. Spanish authorities said the group is considered one of the most powerful of its kind, with activities including laundering money, using informal “hawala” banking, moving physical cash, and trading it for cryptocurrency. Spanish media characterized the group as a “mafia crypto bank,” reflecting its reputation and reach. For further details, see the official Europol release and coverage by local media.
Authorities also found an armory of weapons onsite. Spain’s national police released a statement calling the organization “the most powerful organization internationally in this field.” The official police statement provides further insight into the operations.
In related news, crypto security company Elliptic recently reported on an $8.4 billion Chinese Telegram marketplace linked to crypto scams and money laundering activity. This marketplace was reportedly incorporated in Colorado and involved with laundering funds from a $235 million hack of the Indian crypto exchange WazirX.
These findings highlight ongoing efforts by European authorities to tackle sophisticated networks using cryptocurrencies and informal banking methods for criminal activities.
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