TechFlow reports, according to Decrypt, that a European law enforcement agency recently announced the successful takedown of a transnational money laundering syndicate that used cryptocurrencies to transfer illicit proceeds among criminal organizations.
Investigations revealed that the group had at least 52 members operating across Spain and Cyprus, conducting up to six money laundering transactions per week. So far, 23 suspects have been arrested, $28 million worth of cryptocurrency has been frozen, and approximately $8 million in cash has been seized across various locations in Africa.
The case originated in 2023 when Spanish border officials detected large-scale fund transfers to Cyprus, with the total amount involved exceeding $100 million. The syndicate transported cash via commercial flights and public transportation, while maintaining connections with multiple global businesses.
