Catenaa, Sunday, December 22, 2024 – Europol announced a major success in combating international drug trafficking, revealing the seizure of $26.23 million in cryptocurrencies and the arrest of nine suspects linked to an underground financial network. Authorities from six countries collaborated to dismantle the operation, which used cryptocurrency to launder proceeds from large-scale cocaine trafficking and other crimes.
The bust, resulting from two years of investigations, also uncovered €35,000 in cash, luxury goods, and €27 million in total assets. A house search in Spain provided key evidence, including euro banknotes with handwritten details identifying the financial coordinators.
Europol’s investigation identified a British suspect as the ringleader of a shadow banking network with ties to Dubai-based operators. A coordinated enforcement action on Nov. 4 in Malaga, Spain, involved law enforcement from Belgium, Bulgaria, the Netherlands, the U.S., and Spain, targeting multiple “crime-as-a-service” networks controlled from the United Arab Emirates.
Bitcoin (BTC) remains the most widely used cryptocurrency by criminals, according to Europol, despite privacy-focused alternatives like Monero. However, Europol stressed that blockchain’s transparency is an asset for law enforcement.
Crypto tracking expert Byron Boston emphasized the challenges in tackling crypto crime, citing the technical expertise required to investigate decentralized networks. Europol’s findings highlight the growing sophistication of criminal operations leveraging cryptocurrencies while showcasing the increasing effectiveness of coordinated international enforcement efforts.
