European law enforcement arrested 17 individuals tied to what authorities are calling a “mafia crypto bank.” The group is accused of laundering over €21 million (around $23.5 million) in cryptocurrency for Middle Eastern and Chinese organised crime networks.
According to a statement issued by Europol on May 14, the money laundering operation aided other criminal companies engaged in migrant smuggling and narcotics trafficking. Spanish authorities revealed that the group used a secretive, informal money transfer system known as hawala, with many of their transactions being settled in cryptocurrency.
The arrests took place across Europe — 15 suspects were taken into custody in Spain, with one each in Austria and Belgium. During the operation, authorities seized a total of €4.5 million ($5 million). This included cash, cryptocurrency, 18 automobiles, four shotguns, and other electronic devices.
Of the seized assets, €183,000 ($205,000) was in crypto, while €421,000 ($471,000) in cash was frozen across 77 bank accounts linked to the group. Spanish media dubbed the organization a news outlet described as a “mafia crypto bank,” underscoring the scope and secrecy of their financial dealings.
Source: Europol
Authorities also confiscated a lavish collection of luxury items — including designer bags, watches, and cigars — with an estimated value of €876,000 ($980,000), giving a glimpse into the opulent lifestyle the group’s illicit earnings supported.
According to blockchain forensics firm Chainalysis, illicit cryptocurrency transactions totaled $51.3 billion in 2024, up 11.3% from the previous year. The dismantling of this “mafia crypto bank” serves as a stark reminder of the evolving tactics employed by criminal networks and the need for continued international cooperation to combat financial crimes.
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