April 11, 20183min982

Cryptocurrency Drug Money Laundering Ring Busted

Europol closed down a criminal organization, which used cryptocurrencies to launder money on a Finnish crypto exchange.

In an operation dubbed Tulipan Blanca, 11 individuals involved in moving money from Spain to Colombia using credit cards and several cryptocurrencies were arrested in a joint operation by authorities from Finland, Spain, the United States and Europol.

The criminal ring split up drug money into small quantities of cash and deposited it into hundreds of bank accounts, then traveled to Colombia with associated credit cards to make cash withdrawals.

Over €8 million in cash was split between 174 bank accounts, however the criminals soon found cryptocurrencies as a much better alternative.

“Once the criminals realised that cash withdrawals and bank operations were easy to track, they changed their laundering methods and turned to cryptocurrencies, mainly bitcoin,” a statement from authorities said.

The criminals used an unnamed local cryptocurrency exchange to convert cash into Bitcoins, which they then exchanged for Colombian pesos.

Europol established a working group with Interpol to combat money laundering through cryptocurrencies, last year and stressed that they are continuing their work.

“With cryptocurrencies increasingly used to finance and carry out criminal activities, Europol will continue to coordinate across EU Member States and beyond, to effectively respond to this rising threat,” the agency said.

“Europol has organised specialised training courses to assist law enforcement officers in identifying the use of cryptocurrencies by organised crime networks.”

Be sure to follow us on Facebook, Twitter, Instagram, YouTube and of course Telegram to stay up to date with all the breaking news.

We have a ton of video interviews coming up for you soon from today’s European Blockchain Summit 2018 conference held in Brdo convention centre near Kranj (the town with the first Bitcoin/Blockchain monument in the world).

We also hope you found our website informational and look forward to seeing you back here at 2100NEWS.com on a regular basis.

About us

We are the new economy news hub. 2100NEWS is the professional index, data, and tools provider in the digital asset space, offering Crypto Market Intelligence, providing the perspective you can trust and equipping you with information edge you need to stay ahead. (Real-time data of token issuers and news, analysis and commentary from community.) We are very excited to contribute to the evolution of the industry and build an ecosystem around our offering (the institutional-grade data infrastructure required to enable institutional investments in digital assets). We want our contributions (Contents and Tools on 2100NEWS.com) to be useful for helping investors.



Latest posts


    • ethereumEthereum (ETH) $ 3,049.50 2.53%
    • litecoinLitecoin (LTC) $ 80.33 0.73%