Italy Busts Mafia 'Secret Bank' That Laundered Money Through Crypto, Seizes $24M

What happened: Italian police arrested 30 people accused of running an underground bank for organized crime from a car-rental business near Milan, and seized €21 million in assets including cryptocurrency. Key numbers: 30 arrests, 16 in custody and 14 under house arrest. Why it matters: Prosecutors say the network routed funds through crypto exchanges into wallets it controlled, and Italian authorities have warned that organized crime is adopting digital assets. A financial police inspector, a Milan court employee and a lawyer are among those caught up in the case.

Italian police arrested 30 people accused of running an underground bank for organized crime from a car-rental business near Milan, and seized €21 million in assets including cryptocurrency.

Prosecutors say the network routed funds through crypto exchanges into wallets it controlled, and Italian authorities have warned that organized crime is adopting digital assets. A financial police inspector, a Milan court employee and a lawyer are among those caught up in the case.