Spanish Police Dismantle $540 Million 'Crypto Investment Fraud Ring'
Spanish police arrested five individuals linked to a crypto investment fraud ring that laundered nearly $540 million from over 5,000 victims. The arrests followed a global investigation involving law enforcement from Spain, Estonia, France, and the U.S., initiated in 2023. Three suspects were detained in the Canary Islands, and two in Madrid. A crypto specialist assisted during the raids. The ringleaders allegedly established a corporate and banking network in Hong Kong to manage illicit funds through accounts in others' names. Europol highlighted the growing threat of online fraud, describing it as an epidemic affecting EU citizens and institutions. The agency warned that the sophistication of such schemes is unprecedented, with AI accelerating their reach. A report indicated that cryptocurrencies are increasingly involved in traditional crimes like drug trafficking and money laundering, with investment fraud remaining a significant issue in the EU.
