Spanish authorities bust a cryptocurrency investment fraud ring with over $500 million in involvement

Odaily Planet Daily News Europol announced that the Spanish National Guard, in cooperation with law enforcement agencies in Estonia, France and the United States, smashed a cryptocurrency investment fraud gang that defrauded more than 5,000 victims worldwide. The operation resulted in the arrest of five people, three of whom were arrested in the Canary Islands and two in Madrid. It is reported that the criminal network laundered approximately US$539 million (approximately EUR 460 million) in illegal proceeds through fraudulent investment schemes. Investigators found that criminals operated a global network of associates to assist in cash withdrawals, bank transfers and cryptocurrency transfers, and were suspected of establishing companies and banking infrastructure in Hong Kong to manage criminal funds. This investigation, which has been supported by Europol since 2023, highlights the growing threat of cyber fraud, which Europol considers a major risk to internal EU security.