Spanish National Guard busts organization that uses cryptocurrencies to launder money

The Spanish National Guard has disbanded an organization that used cryptocurrencies as a money laundering tool, Bitcoin.com reported on February 16. The group operates out of Madrid and allegedly provides these services to other criminal organizations.

Called Operation MAUNA by the Spanish National Guard, eight people were detained during the operation, nine properties were confiscated, 30 bank accounts were frozen, and more than 300,000 euros (nearly $340,000) were confiscated.

In addition, several cold wallets containing cryptocurrencies and worth over 1,000,000 euros (approximately $1,136,000) were retrieved. The group also has ties to several Mirage companies in different countries in Europe, including Spain, Belgium, Sweden, Germany and Lithuania.