Spanish authorities dismantle a cryptocurrency investment fraud gang, with over $500 million involved

ChainCatcher news, according to Bitcoin.com, the European Police Organization announced that the Spanish National Police, in collaboration with law enforcement agencies from Estonia, France, and the United States, has dismantled a cryptocurrency investment scam gang that defrauded over 5,000 victims worldwide. The operation resulted in the arrest of five individuals, three of whom were captured in the Canary Islands, and two in Madrid.

This criminal network laundered approximately $539 million (around €460 million) through fraudulent investment schemes. Investigators found that the criminals operated a global network of affiliates to assist with cash withdrawals, bank transfers, and cryptocurrency transactions, while also allegedly establishing companies and banking infrastructure in Hong Kong to manage the illicit funds.