Particle.news
Download on the App Store
4 ARTICLES
·
4w ago

Europol-Coordinated Raids Detain Five in $540 Million Crypto Laundering Ring

Raids in the Canary Islands, followed by operations in Madrid, led to five detentions as investigators trace nearly $540 million laundered through offshore and DeFi networks.

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Overview

  • Three suspects were detained in the Canary Islands and two in Madrid during simultaneous raids on June 30.
  • Authorities say the ring siphoned funds from over 5,000 victims and laundered almost $540 million through a Hong Kong-based corporate and banking network.
  • A crypto specialist was deployed on the day of the raids to help unravel complex transactions across DeFi platforms and offshore entities.
  • The operation concludes a probe launched in 2023 by Spanish, Estonian, French and U.S. agencies under Europol coordination.
  • European authorities warn that digital assets and DeFi services are increasingly used to conceal illicit proceeds and facilitate crimes such as drug trafficking and migrant smuggling.