Spanish Police Break Cryptocurrency Laundering Ring

Law360, London (May 8, 2019, 6:10 PM BST) -- Police in Spain have frozen cryptocurrency storage units that received transfers of €9 million ($10 million) while rounding up a criminal gang that used virtual currencies to launder money, the European Union’s police agency said Wednesday.

The Spanish Civil Guard arrested eight people and charged eight more for their involvement in the crypto money laundering ring and searched several properties that included a cannabis farm, Europol said in a statement. Spanish authorities further disabled so-called hot wallets, which store cryptocurrencies while connected to the internet, and cold wallets, which perform the same job offline. Eleven vehicles were seized in the operation....

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