Investigation Dismantles $100 Million Crypto Money Laundering Ring in Spain and Cyprus

A gang that ran a “sophisticated money laundering service” and used crypto to shift profits between criminal organizations has been busted following an international investigation.

Eurojust, which helps law enforcement agencies across the EU collaborate, says 23 suspects have been arrested.

Cryptocurrencies worth $28 million have been frozen following the investigation, with about $8 million in cash seized following raids across the continent.

It’s estimated that the scheme laundered more than $100 million, and an investigation started in 2023.

According to Eurojust, border officials in Spain had discovered that large sums of money were being transported on trips to Cyprus. This led to a much larger network being uncovered.

It’s believed that at least 52 people were members of the “professionally structured organization” across both Spain and Cyprus.

Up to six money laundering transactions were taking place each week, with bundles of cash carried on commercial flights and public transport, according to investigators.

“The group worked with contacts outside of their organisation to liaise with clients and receive the cash to be laundered,” Eurojust said. “Their contacts are linked to several commercial companies around the world.”

Spanish, Cypriot and German authorities worked together to bring down the ring—with experts from Europol helping to trace the flow of illicit cryptocurrencies between wallets.

Dozens of raids then took place, with 20 arrests made in Spain, two in France and one in Slovenia.

Late last year, the U.K. National Crime Agency exposed a similar scheme on a much larger scale through “Operation Destabilize.”

It resulted in more than 80 arrests and the seizure of $25.5 million in cash and crypto after the Russian money laundering operations were disrupted.

In that case, digital assets were being used to reinvest in illicit businesses—enabling drugs and firearms to be purchased by gangs without physical cash moving across borders.

The borderless nature of crypto means law enforcement agencies in multiple jurisdictions are now having to collaborate to thwart criminal gangs, with investigations often taking years to complete.

Edited by Stacy Elliott.

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