Spanish police arrest Bitcoin launderers in international credit card fraud case

Spanish police arrest Bitcoin launderers in international credit card fraud case 1

Spanish police have arrested 35 people allegedly involved in an international counterfeit bank card ring which laundered its profits using Bitcoin.

Criminals made more than $675,855 (600,000) and laundered more than $891,250 (€1,000,000), according to local media reports.

Most of those arrested hailed from Spain, Nigeria, Cameroon, Morocco, and Equatorial Guinea.

The criminals defrauded 210 victims in Spain, and a further 20 in Israel, Denmark, Germany, France, and Greece.

Spain’s Civil Guard – the force leading the investigation – says it’s detected 104 fraudulent cards made in Spain and other 12 countries.

The investigation was sparked after a car rental company in Alicante (Spain) reported the use of a fraudulent card.

Fraudsters resorted to the widely used phishing method to gain victims’ credit card details and credentials.

They also used skimming to copy cards’ magnetic strips in a bid to clone them. Finally, they resorted to the ‘Bin attack fraud’ method whereby they generated new card numbers based on the existing card number.

Counterfeit cards were used to pay for hotels, flights, train tickets, rental cars, and technology equipment.

Some of the arrested individuals were tasked with laundering the funds into Bitcoins through several unnamed companies based in Finland, Estonia, and the UK.

The money was also laundered in the US, Equatorial Guinea, and Benin using money transfer services.

Published June 14, 2019 — 09:51 UTC

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022
Is The Crypto Market Combating A Lehman Brothers Moment?
June 30, 2022


CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %

bitcoin
Bitcoin (BTC) $ 24,391.00
ethereum
Ethereum (ETH) $ 1,885.16
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 332.06
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.382796
cardano
Cardano (ADA) $ 0.541539
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 42.92
polkadot
Polkadot (DOT) $ 9.54