Italian Authorities Dismantle Illicit Crypto Exchange Using Chainalysis Tools
Italian law enforcement has made a significant breakthrough in combating cryptocurrency-related financial crimes. The Carabinieri successfully dismantled a multi-million euro illicit crypto exchange operation, arresting Chinese national Franco Lee. The operation laundered approximately €8.8 million between 2021 and 2024 through unauthorized financial services based in Rome and Frascati.
Authorities employed advanced blockchain forensic tools, including Chainalysis Reactor and Wallet Scan, to map Lee's international network. The operation spanned multiple European countries and circumvented financial regulations by charging 5-10% transaction fees. This case highlights growing sophistication in European law enforcement's ability to track digital asset transactions.
