$100 Million Crypto Network Dismantled Across Europe

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Global Raid Dismantles $100 Million Crypto Money Laundering Network

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 28, 2025

Key Takeaways

$100 million crypto laundering network exposed: 23 arrested, $28 million in digital assets frozen, and $8 million in cash seized;
Suspicious cash movements in Spain revealed a larger operation spanning Spain and Cyprus with 52 members;
Europol and Eurojust tracked illicit crypto flows, which led to coordinated arrests across multiple countries.

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Global Raid Dismantles $100 Million Crypto Money Laundering Network

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An international investigation has exposed a money laundering network that used cryptocurrency to move funds for criminal organizations.

Authorities have arrested 23 people and frozen $28 million in digital assets. An additional $8 million in cash was seized during coordinated raids across Europe.

The network, operating since 2023, is believed to have laundered over $100 million.

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Spanish border officials first noticed suspicious cash movements during trips to Cyprus, which led to the discovery of a larger operation. Investigators identified 52 people involved, spanning Spain and Cyprus, as part of a structured organization.

Reports indicate that up to six cash transfers were made weekly using public transport and commercial flights. These funds were collected from clients through external contacts with ties to commercial businesses worldwide.

Eurojust, the European Union Agency for Criminal Justice Cooperation, said:

The group worked with contacts outside of their organization to liaise with clients and receive the cash to be laundered. Their contacts are linked to several commercial companies around the world.

Authorities in Spain, Cyprus, and Germany worked together, with support from Europol, to track the movement of cryptocurrency through digital wallets. Their efforts led to arrests in multiple countries, including 20 in Spain, two in France, and one in Slovenia.

Meanwhile, the Federal Bureau of Investigation (FBI) halted illegal activities carried out by CLS Global, a cryptocurrency company based in the United Arab Emirates. How? Read the full story.