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June 30, Paris – A major cryptocurrency investment fraud ring accused of laundering €460 million ($540 million) has been dismantled in Spain, according to Europol.
The operation was led by Spanish police, with support from law enforcement agencies in France, Estonia, and the United States. A total of five individuals were arrested—three in the Canary Islands and two in Madrid.
Europol, headquartered in The Hague, said the network relied on a global web of accomplices to move illicit funds via cash withdrawals, bank transfers, and cryptocurrency transactions. Investigators believe the group created a corporate and banking structure in Hong Kong, leveraging payment gateways and user accounts registered under various names across multiple exchanges to receive, store, and transfer criminal proceeds.
The investigation remains ongoing, Europol confirmed.
Europol-building-The-Hague-the-NetherlandsPicture-by-OSeveno
