Europol Arrests Criminals Using Crypto for Money Laundering

The suspects deposited more than 8 million euros in cash using 174 bank accounts
11 April 2018   165

Europol, the law enforcement agency of the European Union formed to handle criminal intelligence and combat serious international organised crime and terrorism through cooperation between competent authorities of EU Member States, has carried out a special operation and eventually caught a group of criminals involved in money laundering using cryptocurrency. The crime ring of 11 people laundered more than 8 million euros from drug trafficking.

Europol has coordinated a Tulipan Blanca operation which was performed by Spanish Guardia Civil along with Finnish authorities and Homeland Security Investigation of US. Members of a crime ring, based in Spain, were laundering money made from selling drugs by using credit cards and cryptocurrencies, and then sending money back to Colombian drug dealers.

Tulipan blanca operation by EuropolTulipan blanca operation by Europol

According to the Europol press release the criminals linked credit cards to the bank accounts, and then some of the criminals travelled to Colombia with credit cards and made several cash withdrawals from the bank accounts.

They [criminals] picked up the illicit proceeds in cash, which were then split into small quantities to be deposited into hundreds of third bank accounts – a criminal method known as smurfing.
 

Europol Press Release

As a result, 11 individuals were arrested and 137 more are currently under investigation. Reportedly suspects deposited more than 8 million euros in cash using 174 bank accounts.

Europol reported that it has organised special training courses to assist law enforcement officers in identifying the use of cryptocurrencies by organised crime networks.

Consensus 2018 summit to be held in New York City

4th annual blockchain technology summit - Consensus 2018, will take place in New York City on May 14-16
22 April 2018   37

CoinDesk has announced its 4th annual blockchain technology summit Consensus 2018 on May 14-16 at the New York Hilton Midtown. Along with the discussions on the blockchain technology, the event is going to feature a hackathon, PoW pitch competition and a scholarship award in a partnership with Zcash. Title sponsors of the event include bloq, Deloitte, Ledger, Octagon Strategy and SONM.

Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy. Among the notable speakers there will be Blockstack co-founder Dr. Muneeb Ali, J.P.Morgan blockchain program lead Amber Baldet, eToro CEO and founder Yoni Assia, Hyperledger executive director Brian Behlendorf, ConsenSys founder Steve Cerveny, Athena Capital founder Meltem Demirors and many others.

The full 3-day agenda of the event can be found here.