This week has been very much tough for the whole Crypto Industry. First, there happened Binance hack which has shocked the entire crypto industry and now there has been another crypto case in Spain, a money laundering scheme revolving around cryptocurrencies. As of now, eight persons have been arrested, Europool declared in a press release on May 8.
According to the press release, the operation was being carried out by a group of people, who laundered money by exchanging fiat currency to crypto assets. All the individuals were probably using a cryptocurrency ATMs and in order to avoid suspicion, they split the funds into smaller groups in order to carry out the transactions.
These participants consist of a large network of banks, they probably carry cash, deposit it in some of the bank accounts and then move it around via different accounts before exchanging it for crypto. Several alleged criminals performed large transfers from their own corporate entities, and also transferred money to the Cryptocurrency Exchanges.
The authorities decided to do a thorough investigation of the whole case. Some of the houses were searched in the investigation along with a money exchange office and an indoor cultivation plant. The Spanish authorities have seized Eleven vehicles, €16,800 ($18,800), nearly 200 cannabis plants, two crypto ATMs, jewels, relevant documents, and computers.
Apart from this, the authorities have frozen four cold wallets and 20 hot wallets through which €9 million ($10,000) were being transferred in an illegal way. This has been a great win for the Spanish authorities who are able to arrest eight persons in the case.
Recently, Bitcoin enabled darknet website known by the name Deep Dot Web was being seized by FBI and Israeli Police. Here, the investigation was done in various countries and now two suspects were being arrested.
The Crypto World is constantly becoming a victim of such hacks and scams, which clearly affect the market sentiment and can also have a great effect on the prices of cryptocurrencies.