Spanish Authorities Arrest 5 People In $540M Crypto Fraud Case
Summary
Europol reported the arrest of five individuals involved in a cryptocurrency investment fraud scheme that defrauded over 5,000 investors of approximately 460 million euros ($542 million). The Spanish Guardia Civil, with support from law enforcement in the US, France, and Estonia, conducted arrests and searches in the Canary Islands and Madrid. The criminal network allegedly used global associates to raise funds through various financial transactions. Authorities suspect the group established a corporate and banking network in Hong Kong to manage and transfer illicit funds. This case is one of Spain's largest cryptocurrency frauds.
