An international investigation has exposed a money laundering network that used cryptocurrency to move funds for criminal organizations.
Authorities have arrested 23 people and frozen $28 million in digital assets. An additional $8 million in cash was seized during coordinated raids across Europe.
The network, operating since 2023, is believed to have processed over $100 million.
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Spanish border officials first noticed suspicious cash movements during trips to Cyprus, which led to the discovery of a larger operation. Investigators identified 52 people involved, spanning Spain and Cyprus, as part of a structured organization.
Reports indicate that up to six cash transfers were made weekly using public transport and commercial flights. These funds were collected from clients through external contacts with ties to commercial businesses worldwide.
Eurojust, the European Union Agency for Criminal Justice Cooperation, said:
The group worked with contacts outside of their organization to liaise with clients and receive the cash to be laundered. Their contacts are linked to several commercial companies around the world.
Authorities in Spain, Cyprus, and Germany worked together, with support from Europol, to track the movement of cryptocurrency through digital wallets. Their efforts led to arrests in multiple countries, including 20 in Spain, two in France, and one in Slovenia.
Meanwhile, the Federal Bureau of Investigation (FBI) halted illegal activities carried out by CLS Global, a cryptocurrency company based in the United Arab Emirates. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
