Europol helps dismantle $23M ‘mafia crypto bank’
In January 2025, European law enforcement arrested 17 suspects linked to a "mafia crypto bank" involved in laundering over 21 million euros ($23.5 million) in cryptocurrency for criminal networks in China and the Middle East. The organization utilized a hawala system for money transfers, often compensated in crypto, and was associated with migrant smuggling and drug trafficking. Arrests occurred in Spain (15), Austria (1), and Belgium (1), with seizures totaling 4.5 million euros ($5 million), including cash, crypto, vehicles, firearms, and luxury items. Most detainees were of Chinese and Syrian nationality, targeting clients in China and the Arabic-speaking criminal world. The investigation was coordinated by Europol and a court in Almería, Spain. Blockchain forensics firm Chainalysis reported that illicit crypto transactions reached $51.3 billion in 2024, an 11.3% increase from the previous year.
