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Europol and U.S. Dismantle €21M Crypto Laundering, $50M Cartel Funds, and $263M Crypto Theft Ring with RICO Charges

21 posts • GPT (4.1 mini)

Updated May 16, 2025, 05:39 AM

Europol and Spanish police have dismantled a major clandestine banking network operating through hawala, a traditional money transfer system outside legal channels, involving Arab and Chinese criminal groups. The operation targeted a so-called 'mafia crypto bank' that laundered over €21 million ($24 million) across continents, including funds linked to drug cartels. Concurrently, U.S. federal prosecutors revealed a large-scale Chinese money laundering scheme that funneled $50 million in cartel drug proceeds through major American banks such as Chase, Bank of America, and Citibank, particularly in Los Angeles County.

This laundering involved frequent six-figure cash deposits at bank branches. Separately, the U.S. Department of Justice has indicted 12 individuals in a RICO conspiracy related to over $263 million in cryptocurrency theft, money laundering, and home burglaries. The accused allegedly hacked crypto databases, impersonated financial institutions, and financed lavish lifestyles with $4 million spent at nightclubs and $9 million on exotic cars. Two suspects remain at large in Dubai. These enforcement actions highlight ongoing international efforts to combat sophisticated financial crimes involving cryptocurrency and traditional money laundering methods.

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#Europol #Spanish #Arab #Chinese #American #Chase #Bank of America #Citibank #Los Angeles County #Dubai

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wsj.com(4)cuatro.com(2)rtl.fr justice.gov

RTL France

@RTLFrance

Cryptocurrencies: easy money myths that attract kidnappers

BecauseBitcoin.com

@BecauseBitcoin

[ Additional 12 Defendants Charged in RICO Conspiracy for over $263 Million Cryptocurrency Thefts, Money Laundering, Home Break-Ins

SV_Techie

@sv_techie

I never undestood this. This whole crypto itself is fraud. On top of that our friends at DC keep offering their coins and loot from retails. But our govt goes after others... Bitcoin RICO: Feds say $265 million crypto theft ring blew $13M on exotic cars, nightclubs

Story Timeline

2 months ago•Latest version

Europol and U.S. Dismantle €21M Crypto Laundering, $50M Cartel Funds, and $263M Crypto Theft Ring with RICO Charges

2 months ago

Europol, Spanish Police Arrest 17, Dismantle $21M Underground Banking Network Using Cryptocurrencies for Drug and Human Smuggling

2 months ago•Original version

Europol, Spanish Police Dismantle €21M Crypto Laundering Network Linked to $50M U.S. Drug Funds, Hawala System, Human Trafficking

Europol and U.S. Dismantle €21M Crypto Laundering, $50M Cartel Funds, and $263M Crypto Theft Ring with RICO Charges

Related Prediction Markets

Another crypto hack over $100m in 2025?

Sources

Story Timeline

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