Europol Busts International Drug Ring, Seizing $26 Million in Crypto

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December 18, 2024 — In a coordinated international operation, Europol and law enforcement agencies from six countries dismantled a drug trafficking ring that utilized cryptocurrency for its financial operations, resulting in the seizure of $26 million (€25 million) in crypto, among other assets. Nine suspects were arrested.

The operation, culminating two separate investigations, targeted “underground bankers” responsible for laundering proceeds from large-scale drug trafficking and other serious crimes, according to a Europol announcement. While declining to provide further details, Europol confirmed the operation netted €27 million ($28.33 million) in total, including €35,000 in cash, gold, luxury goods, and the substantial cryptocurrency holdings.

The investigation began in 2021 with a cocaine trafficking investigation in Spain, where authorities discovered handwritten notes on €5 banknotes revealing clues about the financial coordinators of the operation. This information, shared with Europol, was cross-referenced with existing data, leading investigators to a British suspect identified as the coordinator of a shadow banking service. This individual allegedly had links to a criminal network operating in southern Spain and overseen from Dubai.

On November 4, 2024, a coordinated enforcement action took place in Malaga, Spain, involving law enforcement from Belgium, Bulgaria, the Netherlands, the United States, and Spain. The operation uncovered multiple “crime-as-a-service” financial networks, primarily controlled from the United Arab Emirates.

Byron Boston, former US police officer and CEO of crypto tracking firm Crypto Track, emphasized the unique challenges crypto crime presents to law enforcement, citing the need for specialized understanding of blockchain technology, cryptography, and decentralized networks. He highlighted the difficulties posed by the lack of standardized training for investigators and the anonymity often associated with crypto transactions. Boston’s own transition to the crypto tracking industry required him to develop new technical expertise and establish partnerships with tech companies and regulatory agencies.

This successful operation follows recent reports of the UK National Crime Agency disrupting Russian money laundering operations involving cryptocurrencies and court cases revealing the extensive use of Tether (USDT) by money laundering organizations linked to US cocaine imports from Mexico and Colombia.

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