$23M Mafia Crypto Bank Dismantled by Europol and Spain

Europol and Spanish police dismantled a transnational group accused of laundering over €21 million ($23.5 million) in cryptocurrency. The arrests were made in January 2025, with details released by Europol on May 14.

Authorities arrested 17 individuals: 15 in Spain, one in Austria , and one in Belgium. The suspects allegedly moved funds for migrant smuggling and drug trafficking networks. Spanish investigators said the group operated an informal money transfer system called hawala and used crypto payments to avoid detection.

A court in Almería, Spain, led the investigation. Over 250 officers were involved in the coordinated operation across the three countries.

€4.5M in Cash, Crypto, and Assets Seized

Authorities seized €4.5 million ($5 million) in assets tied to the network. These included €183,000 ($205,000) in cryptocurrency and €421,000 ($471,000) in cash from 77 bank accounts.

Police also confiscated 18 vehicles, 4 shotguns, multiple electronic devices, and luxury goods such as bags, watches, and cigars worth €876,000 ($980,000). The network promoted its services online and posed as a remittance business.

Spanish media referred to the organization as a mafia crypto bank due to the scale and secrecy of its operations.

Arrested Suspects Linked to Clients in China and Middle East

Among the 17 arrested, 15 are already imprisoned. Most of the suspects are of Chinese and Syrian nationality. Police said the network served clients in China and Arabic-speaking countries.

The group combined hawala crypto methods and blockchain tools to move funds across borders without using banks. Authorities said this structure made the operation hard to trace.

Europol and Chainalysis Highlight Crypto Crime Growth

Europol supported coordination between Spain, Belgium, and Austria. The Almería court oversaw the case and continues to review the digital evidence.

According to Chainalysis, illicit crypto transactions totaled $51.3 billion in 2024, showing an 11.3% increase from 2023. The Europol crypto bank case adds to ongoing concerns about the role of cryptocurrency in global financial crime.

Officials have not confirmed whether more suspects are under investigation.