An international investigation has led to the arrest of 23 suspects involved in a sophisticated money laundering service that used cryptocurrencies to shift profits between criminal organizations. The investigation resulted in the freezing of $28 million worth of cryptocurrencies and the seizure of $8 million in cash. It is estimated that the scheme laundered over $100 million, and the investigation began in 2023 when border officials in Spain discovered large sums of money being transported to Cyprus. The network consisted of at least 52 people across both Spain and Cyprus, and up to six money laundering transactions were taking place each week. Multiple law enforcement agencies collaborated to bring down the ring, and experts from Europol helped trace the flow of illicit cryptocurrencies between wallets. This case highlights the need for international collaboration to combat criminal activities involving cryptocurrencies.



Other News from Today