European Authorities Shut Down Major Crypto Money Laundering Network
European law enforcement has dismantled a large cryptocurrency-based money laundering network. Teh operation, coordinated by Europol, involved Spanish, Belgian, and Austrian agencies. They arrested 17 suspects in January, accused of running an illegal financial system.
This network helped criminal groups in China and the Middle East move over €21 million. It operated like a hawala system, allowing users to avoid traditional banks. europol called it one of the most notable in this type of crime.
The group offered cash courier services and crypto exchanges. It had two main branches: one for Arabic-speaking clients and another for Chinese networks. Spanish authorities conducted 13 property searches in cities like Madrid and Valencia. Of the 17 arrested,15 are now in jail.
Seized assets included €183,000 in crypto,€206,000 in cash,and €421,000 in bank accounts. They also blocked properties worth over €2.5 million and confiscated luxury items like high-end watches and branded handbags.
The group advertised its services on social media, pretending to be a legitimate remittance provider. In just three months,they documented 32 money transfers worth over €5.5 million.
This crackdown is part of Europe’s broader effort to fight crypto-related crime. Earlier, Frankfurt authorities closed the eXch crypto exchange, linked to major hacks like the Bybit breach.
