Spain: Cryptocurrency Fraud Ring Busted – €460 Million Laundered

A complex cryptocurrency investment fraud ring, which allegedly laundered €460 million ($540 million) from over 5,000 victims worldwide, has been dismantled in Spain, Europol announced.

According to Europol, the operation was coordinated by Spanish authorities, with the assistance of police forces from France, Estonia, and the United States. A total of five people were arrested as part of the coordinated investigations: three in the Canary Islands and two in Madrid.

The ring allegedly used dozens of associates worldwide to collect funds through cash withdrawals, bank transfers, and cryptocurrency transfers. Investigators suspect the perpetrators had set up a complex corporate and banking network based in Hong Kong.

Europol emphasized that investigations are still ongoing.