Spanish police dismantled an illegal banking network serving some of Europe’s biggest cocaine traffickers, arresting 21 people across several countries and uncovering assets worth €20 million ($23.2 million). The network, dubbed the "narcobank," allegedly financed cocaine shipments, moved money internationally outside the banking system, used cryptocurrency to settle transactions and provided money-laundering services. Twelve suspects remain at large. The investigation began after the 2021 seizure of 1.84 metric tons of cocaine aboard the vessel Nehir, which was later deliberately sunk at Gijon to hide another 1.65-ton shipment. Authorities seized bank accounts, properties, luxury vehicles and other assets.