European crypto crime ring dismantled

Spanish-led operation took down a gang accused of laundering €21 million through crypto and hawala transactions.

Europol dismantled a major crypto laundering network that served criminal groups in China and the Middle East.

European authorities have broken up a crypto laundering ring that moved over €21 million for criminal groups tied to China and the Middle East. Dubbed the ‘mafia crypto bank,’ the group used the hawala method and cryptocurrency to obscure illicit fund transfers.

Seventeen suspects were arrested in a Spanish-led operation, with additional arrests in Austria and Belgium. Most of those detained were of Chinese and Syrian origin, allegedly serving clients involved in drug trafficking and migrant smuggling.

Police seized €4.5 million in assets, including digital currencies, cash, vehicles, shotguns, and luxury goods.

The group posed as a remittance business and advertised its services on social media. The crackdown highlights growing concern over crypto’s role in organised crime, with illicit transactions reaching $51.3 billion in 2024.

Crypto crime continues to surge in 2025, with $1.74 billion in losses reported already—exceeding all of last year.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!