Spanish Authorities Disrupt $541 Million Cryptocurrency Fraud Scheme
Spanish law enforcement has dismantled a major cryptocurrency fraud operation, arresting five individuals allegedly responsible for defrauding more than 5,000 investors of €460 million ($541 million). The international investigation involved cooperation between Europol and police forces from the United States, France, and Estonia.
Global Law Enforcement Collaboration
The Spanish Guardia Civil executed coordinated raids in Madrid and the Canary Islands with support from international partners. Investigators uncovered a sophisticated network that used cryptocurrency transfers and traditional banking channels to move illicit funds globally.
Fraud Network Structure
Authorities revealed the operation utilized a Hong Kong-based corporate network with multiple payment gateways. The group allegedly opened accounts under various identities across cryptocurrency exchanges to conceal their activities.
Ongoing International Crackdown
This case follows Spain’s January seizure of $26 million in digital assets linked to money laundering. It coincides with recent U.S. Department of Justice actions against similar cryptocurrency fraud schemes totaling hundreds of millions.
Key Investigation Findings
- Five suspects arrested across Spain
- Over 5,000 victims identified worldwide
- €460 million ($541 million) in estimated losses
- International cooperation with Europol and multiple national police forces
