Europol Busts $23 Million Crypto Bank: Organized Crime Meets Its Digital Match
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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Based on reports from Europol, a secret banking network that handled at least €21 million has been shut down. On January 14, 2025, law enforcement teams in Austria, Belgium and Spain arrested 17 people. Fifteen suspects were taken into custody in Spain, one in Austria and one in Belgium. Those arrested are mainly of Chinese and Syrian origin and are accused of moving money for smugglers and drug traffickers across Europe. Cross Border Operation Uncovers Banking Ring According to investigators, this raid grew out of two earlier actions on July 4, 2023 and August 13, 2023 targeting migrant smugglers. Phone data seized in those cases led authorities to the parallel banking network. On a single action day, teams in three countries struck at the same time. By doing so, they cut off a major channel used by criminal groups to hide their cash. 💰 17 providers of criminal banking services arrested and criminal assets worth EUR 4.5 million seized in Europol-supported action day. Read and see more in our press release ⤵️https://t.co/onGEAo1h5b pic.twitter.com/HZvGMyeDqY — Europol (@Europol) May 14, 2025 Money Laundering Services For Criminal Networks Based on reports, the network ran at least two main branches. One branch served Arabic‑speaking groups tied to smuggling routes, while the other catered to Chinese‑origin rings linked to drug deals and human trafficking. The services on offer ranged from informal “hawala” transfers and cash pick‑ups to hiding funds in bank accounts and swapping crypto for euros. The group even promoted its services on social media to reach clients around the world. As of today, the market cap of cryptocurrencies stood at $3.31 trillion. Chart: TradingView Diverse Assets Seized During Raids Officials say they seized more than €4.5 million in assets during the raids. That…
Filed under: News - @ May 15, 2025 7:22 pm