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Spain's Record Cocaine Bust Exposes Alleged Ties to Wall Street and Dubai
Spanish investigators say the network moved drug proceeds through offshore banks, crypto and real estate before reaching firms tied to the Newport Beach founders.
- In 2024, Spanish authorities seized 13 tons of cocaine in Algeciras, uncovering a financial network linked to a Newport Beach, California, special-purpose acquisition company that raised about $200 million.
- Investigations revealed drug kingpin Torón and former national police money-laundering unit chief Oscar Sánchez allegedly operated a ring using 'nested banks,' Bitcoin, and Tether to move illicit drug proceeds.
- Alpha Trading, managed by Seth and De Borbón, funneled drug money through offshore accounts in Panama; the pair also founded Blue Acquisition Corp in 2025.
- Following the investigation, Seth resigned from Blue Acquisition Corp on June 9 for what the firm described as 'family reasons,' while CEO David Bauer confirmed De Borbón is 'no longer affiliated.'
- The operation allegedly used offshore accounts in Panama to 'hide the origin of the funds, as well as the identity of the real beneficiary' and provide an 'appearance of legality.
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Cocaine haul exposes links between US financiers, Dubai real estate, and Irish fintech
The exposure of global financial networks in drug trafficking underscores the urgent need for enhanced due diligence and regulatory oversight. The post Cocaine haul exposes links between US financiers, Dubai real estate, and Irish fintech appeared first on Crypto Briefing.
Coverage Details
Total News Sources6
Leaning Left1Leaning Right1Center2Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
Factuality
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