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In a coordinated operation with police forces from six countries, Europol managed to dismantle an international drug trafficking network that used cryptocurrencies for its financial operations. The investigation, which culminated in the arrest of nine people, made it possible to seize assets valued at 27 million euros. Including gold, luxury items, USD 35,000 euros in cash and 25 million euros in cryptocurrencies.
According to Europol, this network of “clandestine bankers” was responsible for moving and laundering the proceeds of large-scale drug trafficking. Among other serious crimes.
Although the agency has not revealed more details of the operation, it highlights that Bitcoin continues to be the crypto asset most used by criminals due to its accessibility. Although they usually quickly convert it into stable currencies to avoid market volatility.
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The operation also revealed unconventional methods of traffickers, such as handwritten inscriptions on euro banknotes that provided clues to those financially responsible for illicit activities.
South Korean lawmaker faces possible prison for hiding Cryptocurrency holdings
Kim Nam-kuk, a member of South Korea’s National Assembly, could face a six-month prison sentence after being accused of failing to report all of his cryptocurrency holdings to the government.
According to a report by South Korean outlet Dong-A Ilbo on December 18, prosecutors claim that Kim declared assets of 1.2 billion won (approximately $834,356) in 2021, when he actually owned 9.9 billion won in digital assets. In addition, he would have hidden an additional 990 million won in cryptocurrencies in 2022, violating mandatory reporting rules for public officials.
Prosecutors said Kim deliberately hindered the work of the National Assembly Ethics Committee by omitting this information. Which could represent a conflict of interest given its influence on legislation related to cryptocurrencies.
Kim, who left the Democratic Party in 2023 after being accused of liquidating large sums in cryptocurrencies before stricter regulations were implemented, claims that he transferred the funds to another platform and that he was not required to report them.
Coinbase Faces Criticism Over Wrapped Bitcoin Delisting Linked to Justin Sun
Coinbase’s decision to remove Wrapped Bitcoin (WBTC) from its asset list has unleashed a wave of criticism in the crypto community, especially after the exchange justified the move by citing the risks associated with Justin Sun, founder of Tron.
In a response filed Dec. 17 to a lawsuit from Sun-affiliated BiT Global, Coinbase said WBTC’s delisting was due to concerns about alleged financial misconduct and Sun’s involvement in regulatory investigations. The asset was withdrawn in November, a decision that BiT Global said negatively affected the Wrapped Bitcoin market.
The crypto community was quick to react. Users like the analyst known as Pledditor called Coinbase’s reasoning “guilt by association” and criticized the lack of solid legal or technical grounds to justify the decision. “Basically, they don’t like Justin Sun,” Pledditor stated on X, pointing to the exchange’s inconsistency in facing its own regulatory investigations.
Trump and Crypto.com CEO Explore National Bitcoin Platform
US President-elect Donald Trump met with Kris Marszalek, CEO of Crypto.com, at his residence in Mar-a-Lago, Florida.
During the meeting, they discussed the possibility of launching a national Bitcoin platform. A proposal that could mark a before and after in the future of cryptocurrencies in the country.
The meeting occurred on the same day Crypto.com made a key decision: withdrawing its lawsuit against the Securities and Exchange Commission (SEC). The company, which had filed the lawsuit in October after receiving a warning of possible sanctions, chose to voluntarily dismiss it with the aim of collaborating with the next administration in developing more inclusive regulations for the sector.
Since his election victory, Trump has shown interest in cryptocurrencies, backing appointments that reflect his intention to boost the industry. These include David Sacks, former director of operations at PayPal, who will be in charge of artificial intelligence and digital assets, and Paul Atkins, candidate to preside over the SEC. These measures suggest a more favorable approach towards the crypto ecosystem under his watch.
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