Multimillion-Dollar Crypto Money Laundering Ring Smashed

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  • Authorities have dismantled a criminal network that laundered approximately €100 million
  • The operation led to 23 arrests and the seizure of over €8 million in cash and €27 million in cryptocurrencies
  • The investigation was a collaborative effort among Spanish, Cypriot, German, and French authorities, supported by Eurojust and Europol

An extensive international investigation has resulted in the dismantling of a sophisticated money laundering network responsible for laundering around €100 million ($104 million). The coordinated operation led to the arrest of 23 individuals and the confiscation of significant assets, including over €8 million in cash and €27 million in cryptocurrencies. This success was achieved through the collaboration of authorities from Spain, Cyprus, Germany, and France, with support from Eurojust and Europol.

Crypto and Cash Used in Enterprise

The dismantling of the complex international money laundering network was revealed yesterday, with Eurojust stating that the network functioned as an illicit financial service, facilitating the laundering of over $100 million for various criminal organizations.

The investigation commenced in 2023 when Spanish border police observed suspicious travel patterns involving large sums of cash being transported through airports. These trips, primarily to Cyprus, were identified as methods to deliver and launder criminal proceeds. Authorities intervened by halting these travels and seizing more than €1.8 million. 

Further inquiries revealed that the criminal group operated a sophisticated money laundering service for other illicit organizations. The network employed various methods to transfer and conceal criminal profits, including the use of cryptocurrencies to move cash between organizations as well as funds being carried on commercial flights to Cyprus and via public transport to neighboring countries of Spain.

The group conducted between four to six money laundering transactions per week, demonstrating a high level of operational efficiency. 

23 Suspects Arrested

The dismantling of this network was the result of a concerted effort by authorities from Spain, Cyprus, Germany, and France, supported by Eurojust and Europol. A joint investigation team was established to facilitate information exchange and coordinate actions across borders. 

The operation culminated in October and November 2024 with a series of actions leading to the arrest of 23 suspects—20 in Spain, one in France, and two in Slovenia. In addition to the arrests, authorities seized over €8 million in cash, €2 million in bank accounts, and froze €27 million in cryptocurrencies. Investigations into the network and its operations are ongoing.

News of this bust comes in the wake of a separate money laundering bust, which saw Spanish law enforcement seize $26.4 million in cryptocurrencies in tandem with blockchain companies Tether, Tron, and TRM Labs.

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