An international operation led by Europol has successfully taken down a criminal network that relied on cryptocurrency to manage its profits.
The raid involved cooperation from six countries and resulted in the arrest of nine individuals.
It also resulted in the seizure of various assets, including luxury items, gold, €35,000 in cash, and €25 million in cryptocurrencies—equivalent to $26.23 million. Combined, the total value of seized items was estimated at €27 million, equivalent to $28.33 million.
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The investigation, which spanned years, exposed a network of underground financial services that enabled large-scale money laundering for drug trafficking and other criminal activities. Europol described these groups as “underground bankers”, operating sophisticated systems to conceal the origins of illegal money.
This collaboration pointed to a British suspect believed to be running an illicit financial operation connected to a criminal group in southern Spain.
Further investigation led to a November 2024 raid in Malaga, Spain, with assistance from law enforcement agencies in the United States, Bulgaria, Belgium, and the Netherlands.
During the operation, investigators revealed several financial systems described as offering “crime as a service”. These services provided criminals with ways to transfer and launder money under the radar of traditional banking systems.
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