European authorities dismantled a so-called “mafia crypto bank” earlier this year in a series of raids that seized weapons and over €2.5 million ($2.7 million) in real estate.
As disclosed by Europol and Spain’s national police today, the raids took place in January and resulted in the arrests of 17 individuals. The criminal network, which allegedly handled more than €21 million ($23.5 million), offered crypto services to human traffickers and the drug trade.
The operation, which was made up of Chinese and Syrian individuals, was split into two branches that catered to either criminal networks in China or Arabic-speaking criminals.
Read more: China busts $2 billion USDT money laundering operation
It facilitated money laundering, hawala banking, and often moved cash for traffickers in exchange for cryptocurrency. Spanish media described it as a “mafia crypto bank,” while Spain’s national police said the group is considered to be “the most powerful organization internationally in this field.”
During the raid, authorities seized €183,000 ($205,000) in crypto, €627,000 ($700,000) in bank accounts and cash, four shotguns, various luxury goods, and 18 vehicles worth over €207,000 ($232,000).
Earlier this week, crypto security firm Elliptic uncovered an $8.4 billion Chinese telegram marketplace facilitating financial services for crypto scammers.
The operation was incorporated in Colorado and reportedly helped launder crypto stolen from the Indian exchange WazirX as part of a $235 million hack.
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Source: https://protos.com/europol-raids-24-million-mafia-crypto-bank/