Published by Global Banking & Finance Review®
Posted on June 30, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleSpanish authorities, with Europol's help, dismantled a $540M cryptocurrency fraud ring. Five arrests were made, and the investigation continues.
PARIS (Reuters) -A cryptocurrency investment fraud ring that investigators said laundered 460 million euros ($540 million) using a worldwide network of accomplices has been dismantled in Spain, European police body Europol said on Monday.
Europol said Spanish police led the operation against the criminal network, and that law enforcement agencies from France, Estonia and the United States were also involved.
Five people were arrested as a result of the operation, with three arrested on the Canary Islands and two in Madrid.
Europol, headquartered in The Hague, said the network allegedly used associates around the world to raise funds through cash withdrawals, bank transfers and crypto-transfers.
Investigators suspect the organisation of establishing a corporate and banking network based in Hong Kong, using payment gateways and user accounts in the names of different people and in different exchanges to receive, store and transfer criminal funds.
The investigation continues, added Europol.
($1 = 0.8527 euros)
(Reporting by Sudip Kar-Gupta, Editing by William Maclean)
The cryptocurrency investment fraud ring laundered approximately 460 million euros, which is about $540 million.
The operation was led by Spanish police and involved law enforcement agencies from France, Estonia, and the United States.
Five individuals were arrested, with three on the Canary Islands and two in Madrid.
The network allegedly used a worldwide network of associates to raise funds through cash withdrawals, bank transfers, and crypto-transfers.
Investigators suspect that the organization established a corporate and banking network based in Hong Kong.
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