SPANISH LAW ENFORCEMENT ARRESTS 35 SUSPECTS FOR BITCOIN MONEY LAUNDERING

Jun 15,2019 at 02:02 am



La Verdad, a Spanish local media reported on June 14 - the arrest of 35 people for allegedly counterfeiting banking cards and laundering the proceeds through bitcoin (BTC) 


According to the result, the organization obtained over €600,000 ($674,000) and laundered over €1 million ($1.2 million) using bitcoin. 


However, the Spanish law enforcement reportedly solved a total of 1,020 connected cybercrimes during the operation. The alleged actions of the suspects — who are from Equatorial Guinea, Spain, Nigeria, Cameroon and Morocco — had a total of 219 victims in Spain, with 20 more in Israel, Denmark, Germany, France and Greece.


The group allegedly operated in three different ways: phishing via email (pretending to be a trustworthy individual and asking for banking credentials), cloning the physical cards, or obtaining credentials from credit card receipts in what is often referred to as credit card bin attack fraud.


The group reportedly paid for hotels, flights, train tickets and rental vehicles with the cards obtained this way, ordering them for its customers for much lower prices. Companies under the group’s control located in Estonia, the United Kingdom and Finland bought bitcoin with the profits.

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