European Police Break Up Crypto-Backed Criminal Network in International Raid

Authorities in Europe have dismantled a major organized crime operation that used cryptocurrency to move tens of millions in illicit funds for drug and human trafficking networks.

Seventeen suspects were arrested during coordinated raids in January, though details were only made public today by Europol and Spain’s national police. The group—described by Spanish media as a “mafia crypto bank”—allegedly laundered over €21 million ($23.5 million) and catered to criminal syndicates in both China and the Middle East.

Investigators found that the operation relied heavily on crypto-based money laundering and hawala-style transfers to hide financial activity. It also provided financial infrastructure to traffickers, exchanging large sums of physical cash for digital assets to obscure transaction trails.

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During the crackdown, authorities seized crypto worth over €180,000, nearly €700,000 in fiat, four firearms, luxury goods, and 18 high-end vehicles.

This case follows broader concerns around crypto-fueled crime. Earlier this week, blockchain firm Elliptic exposed an $8.4 billion Chinese Telegram marketplace offering illicit financial services—reportedly tied to funds stolen in a $235 million hack of Indian exchange WazirX and funneled through a company registered in Colorado.

Alexander Stefanov