Europol breaks the crypting ring for 6 million euros related to Chinese and middle eastern groups

Authorities in Europe dismantled a massive cryptocurious based on money laundering over 21 million euros for criminal groups throughout China and the Middle East.

According to the 14th May statementEuropol coordinated with Spanish, Belgian and Austrian law enforcement in January to arrest 17 suspected accused for keeping a parallel banking structure.

The operation followed previously investigations in the smuggling of migrants and drug trafficking rings that allegedly relied on illegal financial services of the Group.

The organized organization was managed by a halala-style Money transfer system, allowing clients to circumvent formal bank channels.

Europol described the network as “one of the most important in this area of ​​crime”, which offered courier services and crypto-cash exchange criminal groups.

Investigators have found a group running two basic branches, with one targeted clients who speak Arabic and another servicing Chinese networks.

The Spanish authorities said that the search of the property was performed in several cities, including Madrid, Valencia, Malaga, Almeria and Cadiz. Of 17 people arrested, 15 has already been closed. Most suspects were Chinese and Syrian origin.

Among the seized means, there were 183,000 euros in Kruptou (approximately $ 205,000), € 206,000 in cash (approximately $ 230,700) and 421,000 € based on 77 bank accounts (approximately 471,500 USD). Authorities also blocked 10 properties of real estate worth over 2.5 million euros (approximately $ 2.8 million), seized 18 vehicles, four shotguns and dozens of encrypted electronic devices.

Additional luxury items included cigars worth over € 622,000 (approximately 696,600 USD), marked bags worth more than 230,000 euros (approximately $ 257,600) and high watches and wines.

The Group allegedly advertised its social media laundry services, masking its business as a legitimate remittance provider.

Local media described Group as “the most powerful international organization” in its field. One suspect, identified as key Hava, allegedly managed transaction records and appointed reliable intermediaries to coordinate branches of groups.

Authorities documented 32 cash transfers worth 5.5 million euros in just three months. One crypt used as a portable hub reportedly handed over 21 million euros ($ 23.5 million) between mid 2022. And end of 2023. years.

Crackdown is coming in the middle of a wider pushing European anti-criminal agencies relating to crypto.

Earlier this month, Frankfurt authorities close CRIPTO Exchange Exchange, used for washing funds from some greatest hacks in recent years, including violation of 1.5 billion dollars of violations and $ 1.4 billion of multilayer exploitation.

According to the announcement 9. May, the Prosecution of Frankfurt seized cryptic funds worth 34 million euros (about 38.2 million dollars), calling it by the third largest cryptic in the history of BKA.

Officials accused the team behind the application of a platform for criminal trade and inclusion Large money laundering. The exchange allegedly had to do with a subcal of fixed melting, theft of Genesis Credititor and various phishing steals, according to Sleuth Zachkbt chain.