PANews reported on May 19 that according to Decrypt, Europol and multinational law enforcement agencies smashed an illegal "Hawala" bank network that used cryptocurrency to launder money, involving more than $23 million. The criminal group provided cash collection, cryptocurrency exchange and cross-border fund transfer services for drug trafficking, smuggling and other black industries. 17 suspects were arrested in Spain, Austria and Belgium. The assets seized in the operation included $229,600 in cash, $205,000 in cryptocurrency, 18 luxury cars, 10 properties ($2.8 million), cigars, luxury handbags, etc. The investigation showed that the network consists of two branches: Chinese members are responsible for cash collection in Spain, and Arab members use cryptocurrency to upgrade the traditional Hawala system to complete international fund transfers.