The meeting highlights the urgent need for enhanced security measures in the crypto industry to prevent further criminal targeting. The post France&#8217;s minister to meet crypto firms after violent kidnapping attempt in Paris appeared first on Crypto Briefing.

France’s minister to meet crypto firms after violent kidnapping attempt in Paris

European law enforcement in January arrested 17 suspects of a &#8220;mafia crypto 
bank&#8221; who are said to have laundered over 21 million euros ($23.5 million) in 
crypto for criminal entities in China and the Middle East.
The money laundering services were allegedly carried out on behalf of other 
criminal networks engaged in migrant smuggling and drug trafficking, Europol 
said in a May 14 statement.
Spanish authorities said the criminal organization ran a secret informal money 
transfer system called hawala and was often compensated in crypto.
A total of 17 individuals were arrested &#8212; 15 in Spain, one in Austria and one 
in Belgium &#8212; while 4.5 million euros ($5 million) worth of items were seized, 
including cash, crypto, 18 vehicles, four shotguns and several electronic 
devices.
Of the 4.5 million euros, 183,000 euros ($205,000) came as crypto. Another 
421,000 euros ($471,000) in cash was seized from 77 bank accounts tied to the 
criminal organization, which one Spanish news outlet described as a &#8220;mafia 
crypto bank.&#8221;
Luxury bags, watches and even cigars worth 876,000 euros ($980,000) were also 
seized, Spanish officials said.
_Scenes of European law enforcement efforts and assets seized from the 
criminal organization. Source:__Europol_
The arrests and asset seizures took place in January 2025, across Spain, 
Austria and Belgium, Europol said. More than 250 officers were involved, 
Spanish authorities added.
## Most of those arrested have already been detained
Of the 17 arrested, 15 have already been imprisoned as alleged perpetrators of 
the crimes linked to the organization.
Most of those arrested were of Chinese and Syrian nationality, targeting 
clients in China and the Arabic-speaking criminal world.
_**Related:**__**Crypto exchange CEO &#8216;s daughter fights off brazen kidnappers 
in Paris**_
The criminal organization tried to cover up its money laundering activities by 
operating a remittance business, and even advertised those services on social 
media.
The investigation was led by a court in Almeria, Spain, which supported 
Europol&#8217;s efforts to coordinate Spanish and Belgian officials to dismantle the 
criminal organization.
Blockchain forensics firm Chainalysis estimates that illicit crypto 
transactions totaled $51.3 billion in 2024, marking an 11.3% year-on-year 
increase.
_**Magazine:**__**Japanese porn star &#8216;s coin red flags, Alibaba-linked L2 runs 
at 100K TPS**_

Europol helps dismantle $23M ‘mafia crypto bank’

Bitcoin price started a fresh increase and tested the $105,000 zone. BTC is 
now correcting gains with a short-term bearish angle below $103,500. Bitcoin 
started a correction from the $105,000 resistance zone. The price is trading 
below $103,800 and the 100 hourly Simple moving average. There was a break 
below a connecting bullish trend line with support at $103,600 on the hourly 
chart of the BTC/USD pair (data feed from Kraken). The pair could dip further 
if it stays below the $105,000 zone. Bitcoin Price Corrects Gains Bitcoin 
price started a fresh increase from the $102,500 support zone. BTC formed a 
base and was able to clear the $103,500 resistance zone. Moreover, the bulls 
even pushed the price above $104,200. The pair spiked toward $105,000. A high 
was formed at $104,980 and the price is now correcting gains. There was a move 
below the 23.6% Fib retracement level of the upward move from the $100,772 
swing low to the $104,980 high. Besides, there was a break below a connecting 
bullish trend line with support at $103,600 on the hourly chart of the BTC/USD 
pair. Bitcoin is now trading below $103,500 and the 100 hourly Simple moving 
average. However, the bulls are now active near the $102,850 level and the 50% 
Fib retracement level of the upward move from the $100,772 swing low to the 
$104,980 high. On the upside, immediate resistance is near the $103,600 level. 
The first key resistance is near the $104,200 level. The next key resistance 
could be $105,000. A close above the $105,000 resistance might send the price 
further higher. In the stated case, the price could rise and test the $106,500 
resistance level. Any more gains might send the price toward the $108,000 
level. More Losses In BTC? If Bitcoin fails to rise above the $104,200 
resistance zone, it could start another downside correction. Immediate support 
is near the $102,850 level. The first major support is near the $101,750 
level. The next support is now near the $100,500 zone. Any more losses might 
send the price toward the $100,000 support in the near term. The main support 
sits at $98,800. Technical indicators: Hourly MACD – The MACD is now gaining 
pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for 
BTC/USD is now below the 50 level. Major Support Levels – $102,850, followed 
by $101,750. Major Resistance Levels – $104,200 and $105,000.

Bitcoin Price Stuck in Range — Short-Term Bearish Pressure Mounts

Senators push Treasury to shield U.S. crypto firms from devastating tax on 
unrealized gains, warning of risk to digital asset leadership. Treasury 
Pressured to Act Fast as Unrealized Crypto Gains Face Tax Storm U.S. Senator 
Cynthia Lummis (R-WY) and Senator Bernie Moreno (R-OH) are calling on the U.S. 
Department of the Treasury to act swiftly […]

Tax on Unrealized Crypto Gains Could Trigger Forced Sell-offs, Senators Warn Treasury

US Democrat lawmakers have sent a letter to the US Treasury demanding access 
to suspicious activity reports (SARs) on several Trump-backed crypto projects 
as part of the latest probe into the president&#8217;s digital ventures.
Penned by representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin, 
the May 14 letter asks Treasury Secretary Scott Bessent for all SARS filed 
since 2023 related to World Liberty Financial (WLF) and the Official Trump 
(TRUMP) token.
Financial institutions in the US must file SARs with the Financial Crimes 
Enforcement Network, a bureau within the Department of the Treasury, when they 
detect suspicious activity, including potential money laundering or fraud.
_Source:__Oversight Committee Democrats_
The sweeping probe asks for any SARs mentioning WinRed, America PAC, Elon 
Musk, political action committee, PAC, Trump, World Liberty Financial, WLF, 
TRUMP, MELANIA and Justin Sun, no later than May 30.
The Democratic lawmakers say their probe is to &#8220;determine whether legislation 
is necessary to prevent violations of campaign finance, consumer protection, 
bribery, securities fraud, and other anti-corruption laws&#8221; and to guard 
against &#8220;financial misconduct connected to prospective or current federal 
officials.&#8221;
## Democrats argue WLF and Trump coin could be misused
As part of the letter, the lawmakers argue WLF could be misused as a &#8220;vehicle 
for foreign influence peddling&#8221; because it served part of its token sale for 
foreign investors, who are &#8220;generally subject to less stringent regulation 
than US investors.&#8221;
Justin Sun&#8217;s investment in WLF and the subsequent pause of the SEC&#8217;s lawsuit 
that alleged the crypto entrepreneur broke securities laws has also been 
flagged as a concern.
Trump&#8217;s token has come under fire as well because the lawmakers argue in their 
letter that the identities of the coin purchasers are not publicly disclosed, 
which could open the door for bad actors to &#8220;curry favor with Trump&#8221; by 
purchasing the coin.
At the same time, SARS related to Republican digital fundraising WinRed, Elon 
Musk&#8217;s super PAC, which poured $250 million into Trump&#8217;s election campaign, 
and two other PACs are being sought.
_**Related:**__**Trump-owned Truth Social denies it is launching a memecoin**_
This effort is the latest Democrat-led salvo against Trump&#8217;s crypto ventures. 
A group of Democratic senators reportedly sent a letter to leadership at the 
US Department of Justice and the Treasury Department expressing concerns about 
Trump&#8217;s ties to crypto exchange Binance and potential conflicts of interest in 
regulating the industry, according to a May 9 Bloomberg report.
US Democratic lawmakers also launched a multi-angle attack on May 6, targeting 
Trump&#8217;s ability to profit from his crypto initiatives with two bills and a 
subcommittee inquiry.
_**Magazine:**__**Trump &#8216;s crypto ventures raise conflict of interest, insider 
trading questions**_

Dems seek suspicious activity reports linked to Trump crypto ventures

Coinbase&#8217;s strategic acquisitions could significantly enhance its market 
position and influence in the evolving crypto industry landscape.
The post Coinbase is still open to more acquisitions after $2.9B Deribit deal, 
says CEO Brian Armstrong appeared first on Crypto Briefing.