Crypto Crime Ring Busted in $23 Million Laundering Scheme

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Crypto Crime Ring Busted: 17 Arrested in $23 Million Laundering Scheme

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 15, 2025

Key Takeaways

17 people were arrested for running a crypto-based network that laundered over $23 million for criminal groups across Europe;
The group used crypto and a hawala-style system to move money discreetly, even promoting the service on social media;
Police seized around $5 million in assets, including crypto, cash, cars, weapons, and luxury items, in raids across Spain, Austria, and Belgium.

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Authorities in Europe have arrested 17 people involved in an illegal money-moving network that helped other criminal groups transfer over €21 million (about $23.5 million) using cryptocurrency.

The group operated mainly in Spain, with links to Austria and Belgium, and supported clients involved in drug smuggling and human trafficking, according to a May 14 report from Europol.

Instead of going through traditional banks, the network used a system similar to hawala—an informal way to send money that relies on personal trust rather than official records. In this case, crypto was used to carry out the transfers.

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Investigators said the group also advertised these services on social media, which presented them as normal remittance options.

The arrests, carried out in January 2025, followed a joint operation led by Spanish authorities with help from Belgium and Austria. Europol supported the investigation, and over 250 officers were involved in the raids. Most of the suspects were from China or Syria and targeted clients from similar backgrounds.

Fifteen people were arrested in Spain, one in Austria, and one in Belgium. So far, 15 of them have been placed in custody while the investigation continues.

Police seized €4.5 million (around $5 million) worth of items during the operation. This included 18 cars, four shotguns, and various electronics.

About €183,000 (roughly $205,000) in cryptocurrency was taken, along with €421,000 (around $471,000) in cash from 77 linked bank accounts. Officers also collected high-value goods such as designer bags, watches, and cigars worth €876,000 (close to $980,000).

Meanwhile, on May 8, the US Department of Justice sentenced Mohammed Azharuddin Chhipa of Virginia to over 30 years in prison. What led to the sentencing? Read the full story.