Fraudsters behind €460 million crypto scam arrested in Spain

Spanish authorities arrested five members of a criminal network responsible for laundering €460 million stolen through global cryptocurrency investment fraud schemes.

Source: Europol

The operation, led by the Guardia Civil with support from Europol and law enforcement in Estonia, France, and the United States, uncovered that more than 5,000 victims worldwide were defrauded.

The action day led to: 5 arrests (3 on the Canary Islands and 2 in Madrid), and 5 searches (3 on the Canary Islands and 2 in Madrid).

Global network enabled crypto fraud

The criminal network is suspected of laundering funds through a complex web of corporate and banking entities based in Hong Kong, using payment gateways and accounts registered under multiple identities across various crypto exchanges.

To carry out the fraud, its leaders allegedly relied on a global network of associates to move money via cash withdrawals, bank transfers, and crypto transactions. The investigation remains ongoing.

Online fraud surging as top EU security threat

Online fraud is one of the biggest threats to the EU’s internal security, according to Europol’s latest crime threat report. It’s become an epidemic, hitting citizens, businesses, and public institutions across the board.

What makes it especially dangerous is the sheer scale, variety, and sophistication of the scams, something we’ve never seen before. Europol warns that with AI making social engineering easier and giving criminals faster access to data, online fraud is set to outpace every other form of serious organized crime.