Recently, Europol and the Spanish national police announced the dismantling of a notorious 'crypto mafia bank' operating underground in the European financial underworld. The case has shaken the cryptocurrency community as this organization is accused of laundering over 21 million euros (23.5 million USD) for human trafficking, drug trafficking, and financing transnational crime.


How was the transnational money laundering organization dismantled?



  • The raid took place in January 2024, with coordination between #Europol and the Spanish police.



  • 17 suspects were arrested, mostly from China and Syria, divided into two branches specializing in serving Chinese crime and Arabic-speaking crime.



  • They use cryptocurrency to move money for human trafficking and drug gangs, combining the traditional Hawala banking model to obscure money trails.



This organization has been described by Spanish media as a true 'crypto mafia bank', while Spanish police believe it is currently the strongest money laundering organization in the world in this field.


The seized assets reveal a horrifying scale


During the crackdown, authorities seized:



  • 183,000 euros (205,000 USD) in crypto


  • 627,000 euros (700,000 USD) in bank accounts and cash



  • 4 shotguns



  • 18 cars worth over 207,000 euros (232,000 USD)



  • A series of luxury items and real estate worth over 2.5 million euros (2.7 million USD)




The information was released at the same time that blockchain security company Elliptic discovered an $8.4 billion black market on Telegram in China, specializing in providing financial services for crypto scam targets.


In addition, the dismantled organization was also linked to the money laundering from the WazirX exchange hack in India, with the stolen amount reaching up to 235 million USD. The business behind this network is also registered to operate in the state #colorado (USA), demonstrating the globalization of the operation.



🔍 Contact with the crypto market:

This incident once again warns about the dark side of crypto if not properly monitored and managed. For Binance users or other legitimate exchanges, this serves as a reminder to always carefully check trading partners, related wallets, and the source of assets to avoid inadvertently assisting illegal activities.


⚠️ Risk warning: The cryptocurrency market offers many opportunities but also carries high risks, especially when related to illegal activities. Investors need to be cautious, thoroughly investigate, and only participate through licensed and transparent platforms.