European law enforcement in January arrested 17 suspects of a “Mafia Crypto Bank” who were said to wash more than 21 million euros ($ 23.5 million) in crypto for criminals in China and the Middle East.
Money laundering services are said to be conducted on behalf of other criminal networks engaged in migrant smuggling and drug trafficking, Europol Says In a statement of May 14th.
Authorities in Spain Says The criminal organization has run a secret informal currency transfer system called to be lost and often paid to crypto.
A total of 17 individuals were arrested – 15 in Spain, one in Austria and one in Belgium – while 4.5 million euros ($ 5 million) worth of items were seized, including cash, crypto, 18 vehicles, four shotguns and some electronic devices.
At 4.5 million euros, 183,000 euros ($ 205,000) came as crypto. Another 421,000 euro ($ 471,000) cash was obtained from 77 bank accounts tied to Criminal organizationWhich is a news outlet in Spain described as a “Mafia Crypto Bank.”
Expensive bags, watches and even tobacco worth 876,000 Euro ($ 980,000) were arrested, Spanish officials said.
The arrests and seizures of the asset occurred in January 2025, throughout Spain, Austria and Belgium, Europol said. More than 250 officers are involved, Authorities in Spain added
Most of those arrested were trapped
Of the 17 arrested, 15 have been imprisoned as alleged perpetrators of crimes linked to the organization.
Most of those arrested are Chinese and Syrian nationality, targeting clients in China and the Arabic-speaking world.
Related: Crypto Exchange CEO’s daughter resist the Brazen kidnappers in Paris
The criminal organization tried to cover them Laundering of money activities by operation a Business of remittanceAnd even if those services are converted to social media.
The investigation was led by a court in Almería, Spain, who supported Europol’s efforts to organize Spanish and Belgian officials to abolish the criminal organization.
Blockchain Forensics Firm Chainalysis estimates that Crypto transactions Total $ 51.3 billion in 2024, marked an 11.3% year-to-year increase.
Magazine: Japanese Porn Star’s Coin Red Flags, Alibaba-Link L2 runs on 100k TPS
