European authorities dismantled a “mafia crypto bank” in a series of raids earlier this year, seizing weapons and over €2.5 million ($2.7 million) in real estate.
As announced by Europol and Spain’s national police, the January raids led to the arrests of 17 individuals. This criminal network, allegedly handling over €21 million ($23.5 million), provided crypto services to human traffickers and drug traders.
Comprising Chinese and Syrian members, the operation was divided into two branches, serving criminal networks in China and Arabic-speaking regions.
It facilitated money laundering and hawala banking, often exchanging cash for cryptocurrency on behalf of traffickers. Spanish media described it as a “mafia crypto bank,” and Spain’s national police considered the group “the most powerful organization internationally in this field.”
