According to the report, an organisation operating in Madrid was laundering money with the help of cryptocurrency. The operation of detention of this organization is named MAUNA by the civil guards of Spain. As per the news, the Spanish Civil Guard on February 15, 2022, worked on the task of holding numerous people linked to cryptocurrency’s scams.
The organization and people working for such organization were reportedly offered services to other institutions. All the organization which do scams using cryptocurrency are inter-related. The authorities came to know about such fraud with the help of a member involved with an organization that was previously investigated.
How did scam in the name of cryptocurrency initiate?
Initially, a group of people relating to drug traffickers used to make money out of the scams. Most of the scams involve cryptocurrency, after a point, the operation further grew. Multiple bigger institutions and organization became part of such frauds and ultimately the number of scammer grew.
During this operation nine, real estate properties were seized along with around 30 bank accounts which were blocked officially. The officials seized around $340K (approximately €300K) apart from it, cold wallets that contain cryptocurrency worth more than €100,000 were seized. The links of such organizations were spread across various countries too including Sweden, Germany, Belgium, Spain, and Lithuania.
However, the officials did not limit their investigation to certain areas, but they have collaborated with U.S. Drug Enforcement Agency. This collaboration will help officials identify more frauds related to cryptocurrency.