Previous Post
Tweet about this on TwitterShare on LinkedInShare on Google+Email this to someoneShare on Facebook
Read on Mobile

Eight People Allegedly Arrested for Money Laundering Scheme Involving Crypto in Spain

https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy81YWZlODdkOWIxMzBjNTE4ZTEzNzljZjM3ZjkzZThmOC5qcGc=.jpg

In , eight people have been arrested for allegedly operating a money laundering scheme involving cryptocurrencies, Europol announced in a press release on May 8.

Per the release, the group laundered money by exchanging fiat currency to crypto assets. The individuals reportedly used cryptocurrency ATMs and split funds into smaller sums to introduce them into the financial system without having the transactions reported as suspicious.

Participants reportedly carried cash, depositing it in several bank accounts and moving it around through different accounts before exchanging it for crypto. Large transfers were sent to accounts from corporate entities owned by the alleged criminals, who also wired money to cryptocurrency exchanges.

Seven houses were searched during the investigations, including a money exchange office and an indoor cannabis cultivation plant. Eleven vehicles, €16,800 ($18,800), nearly 200 cannabis plants, two crypto ATMs, jewels, relevant documents and computers were taken by the authorities. The report also claims that Spanish authorities froze four cold wallets and 20 hot wallets — to which €9 million ($10,000) was transferred — in an unspecified way.

As Cointelegraph reported at the end of April, Manhattan District Attorney Cyrus R. Vance announced that two men plead guilty for illicitly selling steroids and controlled substances and laundering millions of dollars in cryptocurrencies and Western Union payments.

In mid-April, New York state prosecutors also indicted three men for the sale of illicit drugs on the dark web and laundering $2.3 million in cryptocurrency.

Receive the latest Crypto Regulatory and Legal News via LinkedIn or Twitter:
Twitter
Visit Us
Follow Me
LinkedIn

Source: https://cointelegraph.com/news/eight-people-allegedly-arrested-for-money-laundering-scheme-involving-crypto-in-spain

Next Post

Related Post

Spanish Authorities Warn Cryptocurrency Exchanges For Unregistered Services
https://www.newsbtc.com/wp-content/uploads/2021/08/sign-1719887_1280-460x245.pngCryptocurrency businesses have continued to receive pressure globally from different regulatory bodies. For example, the

Related Post

Spain’s Regulator Warned ByBit, Huobi For Operating Without License
Spain’s regulator warned ByBit and Huobi for operating in the country with the proper licensing

Leave a Reply

Your email address will not be published. Required fields are marked *