The Spanish Civil Guard and the Colombian Direction of Investigation were able to dismantle two criminal organizations that were in charge of laundering money using virtual currencies. The investigation was conducted weeks after Spain and Austria shut down a group trafficking drugs and receiving payments via virtual currencies.
Spain and Colombia Dismantle Criminal Group
There are several criminal organizations that use virtual currencies to hide their financial movements, and keep operating without the control of regulatory agencies. This time, two different groups have been shut down by the Spanish Civil Guard and the Colombian Direction of Investigation.
Both organizations were laundering over $2.5 million Euros using different mechanisms, including buying and selling virtual currencies in the market. Indeed, an important number of crypto wallets have been seized, but there is no information about the number of virtual currencies used or which of them were found.
Some currencies like Monero (XMR) or Bitcoin Private (BTCP) have special features that let users hide the amount of money transacted and the transactions cannot be tracked. The criminal group operated buying and selling virtual currencies and moving them to different wallets.
The operation was named Gatuzo and 23 individuals from Spain, Colombia and Venezuela have been arrested.
The leaders of both groups were using fake names to open and keep the maintenance of their bank accounts. At the same time, the authorities were able to seize two vehicles, computers, mobile phones, banking information, among other things.
Austrian and Spanish Police Shut Down Criminal Organization
In the past, different individuals in charge of criminal groups operating with virtual currencies have been imprisoned. Using cryptocurrencies, it is possible to send international payments in a fast and cheap way without depending on traditional financial institutions.
In this case, cryptocurrencies like Lumen (XLM), IOTA y Bitcoin (BTC) have been used. All of them have different characteristics and different security levels.
International regulators are starting to take measures to avoid this kind of situations to take place in several countries. Activities around virtual currencies raised concerns on the main countries around the world, this is why, some of these nations have taken very hard approaches towards cryptos.
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