In an international operation spanning six countries, Europol has arrested nine suspects, seizing €27 million in cryptocurrencies used to launder funds from a large-scale drug trafficking operation.
The operation, which involved law enforcement agencies in Albania, Bulgaria, Belgium, the Netherlands, Spain and the United States, was the result of years of investigation. The investigation uncovered a criminal network in Albania that was using cryptocurrencies to transfer large amounts of money, facilitating money laundering. Europol worked with a leading stablecoin issuer, a global crypto-asset provider and major crypto exchanges, including Binance, whose assistance was key to the success of the operation.
The use of cryptocurrencies for money laundering has become an innovative approach that actively supports other types of crime, such as arms trafficking and contract killings. According to a report by Chainalysis, in 2023 there was a significant decrease in the volume of illicit cryptocurrency transactions, but their impact remains serious.
The use of cryptocurrencies by criminal organizations is becoming increasingly popular. This allows them to transfer funds quickly without significant risks of detection. In 2023, illicit transactions accounted for only 0.34% of the total volume of cryptocurrency transactions, which indicates growing efforts to combat cybercrime.
The involvement of cryptocurrency platforms and the use of modern digital tools has become crucial in uncovering criminal schemes.
Nine suspects were arrested thanks to the cooperation of six countries and the involvement of key crypto platforms such as Binance. This operation showed how modern technology can be used both for crimes and for their detection.
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