Europol has busted a wide network of crypto crime banking syndicates with millions of seizures in cash and digital assets.
Europol has successfully dismantled a complex network of underground bankers involved in crypto crime. These illicit actors enabled large-scale money laundering for serious criminal activities, including drug trafficking, weapons smuggling, and more.
This operation followed previous efforts like Operations GORGON and WHITEWALL, focusing on the financial networks of international crime groups. The crackdown led to the arrest of key players and the seizure of millions in cash and cryptocurrency.
Building on the results of earlier investigations, Europol’s coordinated operation spanned six countries. The operation involved collaboration between experts in organized crime and financial investigations.
The main goal was to stop the hidden financial services supporting criminal groups across Europe and beyond. Nine suspects were arrested, and authorities seized over €25 million in cryptocurrencies. €35,000 in cash and valuable assets like gold and luxury goods were also recovered.
The investigation began with a crucial lead from the Spanish Guardia Civil. The team uncovered handwritten notes on seized cash during a cocaine trafficking investigation. Per the notes, authorities identified a British national running an underground banking service for a criminal group in southern Spain.
This uncovered a larger international network connected to the United Arab Emirates.
One of the breakthrough findings of the investigation was the role of digital assets in modern money laundering operations. A key player from Albania, targeted in Operation GORGON, was found transferring large amounts of money using virtual currencies.
Europol analyzed data from EncroChat and Sky ECC, two encrypted platforms employed in the investigation. It enabled investigators to trace the connections and roles in the criminal network. The findings showed how the network worked and who was involved.
The findings led to an Europol-coordinated action day on November 4, 2024, in Malaga, Spain. Law enforcement agencies from Belgium, Bulgaria, the Netherlands, and the United States also worked together. They carried out a coordinated strike against the underground bankers.
Sadly, criminal groups are increasingly using digital assets to hide illicit funds. This method of money laundering is becoming more popular among various criminal organizations. Critics argue that crypto assets’ anonymity and decentralization make them ideal for money laundering.
Unlike traditional banking, it allows for untraceable transactions across borders, complicating law enforcement attempts. This has led some lawmakers to push for stronger regulations or bans to curb its misuse.
With help from public and private partners, Europol and its members have disrupted financial networks supporting crimes like drug trafficking, contract killings, and arms smuggling. Their efforts have weakened the financial infrastructure of organized crime groups.
Their ongoing efforts show the importance of intelligence sharing and international cooperation in fighting organized crime. Europol also provided expert support during raids, offering analysis and forensic expertise.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
