Europol dismantles US$23.5 million crypto money laundering network

18th May 2025 – (The Hague) Europol has revealed the results of a major January operation that dismantled a sophisticated “mafia crypto bank” responsible for laundering over $23.5 million in cryptocurrency for clients in China and the Middle East. The takedown, which involved 17 arrests and spanned multiple jurisdictions, uncovered a criminal network using a hawala-style banking system to transfer illicit funds.

The coordinated effort involved law enforcement agencies across Austria, Belgium, and Spain, with Europol playing a central role in providing operational support. The investigation was linked to broader criminal activities, including migrant smuggling and drug trafficking. During the raid, authorities seized assets worth €4.5 million, including firearms, cash, real estate, vehicles, and bank accounts.

The criminal network operated under the guise of a remittance service, transferring funds through blockchain-based transactions. Despite efforts to conceal their activities, including advertising their services on social media, the group drew attention from Europol after a German couple reported fraudulent behaviour. The couple had been manipulated into depositing funds under the pretext of financial consultancy, with the network using fake investment charts to maintain the deception.

Spanish authorities, working in coordination with Europol and Belgian counterparts, uncovered millions of dollars being moved monthly. Blockchain analysis revealed that the network had facilitated over $50 billion in illicit transfers.

The January raid, involving more than 250 officers, was conducted with a command and control centre monitoring operations in real time. Europol financed Spanish investigators to travel to Belgium and Austria, while deploying its own financial crime experts on the ground.

Of the 17 suspects detained, 15 remain in custody, facing charges of money laundering and association with a criminal organisation. The suspects are nationals from China and the Middle East, reflecting the network’s global scope.

Europol stated that the operation stemmed from earlier efforts to dismantle migrant smuggling networks that relied on the same illicit banking services. Evidence from mobile phones belonging to migrant smugglers led investigators to this larger money laundering scheme.