Police in Spain apprehend a narco-trafficking ring that was using cryptocurrency to launder money

<p>On Monday, Spanish authorities announced the arrest of seven people suspected of being members of a criminal network that trafficked cocaine and then used cryptocurrency to launder the proceeds.</p> <p>More than 20 vehicles, two motorcycles, 200,000 euros (US$228,000) in cash, 20 kilos of cocaine, and links to cryptocurrency accounts were seized as part of Operation Grande-Tragadera. Several companies in Seville and Cadiz were also searched for possible links to the criminal network.</p> <p>At the start of the year, the National Police were made aware of a sophisticated large-scale drug trafficking network.</p> <p>The criminal organisation is thought to be linked to a network of businesses in Seville, including a car repair shop, that were used to launder money earned from drug sales and invest some of the profit in cryptocurrency.</p> <p>Investigators discovered elaborate hidden compartments in vehicles using hydraulic openers to conceal weapons and drugs in a video released by the National Police.</p> <p>The use of cryptocurrencies in criminal activities has recently grown in popularity.</p> <p>In a separate incident, Spanish National Police investigators raided what was discovered to be an illegal cryptocurrency mining farm in the province of Seville less than two weeks prior. According to a statement released on January 28, investigators thought the location was a possible marijuana grow-up but instead discovered a series of Bitcoin mining servers.</p> <p>The National Police Department also released a video depicting the size of the cryptocurrency farm. The discovery is Seville's first known illegal cryptocurrency mining farm. The Bitcoin mined from the illegal farm is worth 31,500 euros ($35,954), while the mining equipment is worth 13,000 euros ($14,838).</p> <p>National Police investigators have not publicly announced any direct links between the two raids. Both investigations are still going on.</p> <p> </p> <p><a href='http://paypal.me/cryptopirates'>Support us!</a></p>