Spanish authorities smash cryptocurrency investment fraud gang involving over $500 million

According to Bitcoin.com, Europol announced that the Spanish National Guard, in collaboration with law enforcement agencies in Estonia, France, and the United States, has dismantled a cryptocurrency investment fraud gang that has defrauded over 5000 victims worldwide. This operation resulted in the arrest of five people, three of whom were arrested in the Canary Islands and two in Madrid. It is believed that the criminal network laundered approximately $539 million (approximately 460 million euros) in illegal gains through fraudulent investment schemes. Investigators have found that criminals operate a global network of affiliates to assist with cash withdrawals, bank transfers, and cryptocurrency transfers, while also suspected of establishing companies and banking infrastructure in Hong Kong to manage criminal funds. This investigation, supported by Europol since 2023, highlights the growing threat of online fraud, which Europol considers a significant risk to the internal security of the European Union.