Authorities Take Down Elaborate Crypto Laundering Ring

A Spanish money laundering cartel that used virtual currency exchanges to obscure the origins of illicit funds has been busted, Europol announced on Wednesday. The action marks the latest strike against an array of criminal gangs utilising crypto in increasingly sophisticated ways.

The joint action between Europol and the Spanish Guardia Civil saw eight individuals arrested and eight more charged for their role in a crypto money laundering ring.

The group used a variety of fiat-to-crypto exchange methods, including online wallets and crypto ATMs, to conceal the origins of the ill-gotten gains.

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