Spanish Police Arrest 5 in Suspected $540M Crypto Fraud Operation

Spanish authorities have dismantled a sophisticated crypto fraud ring, arresting five individuals linked to an alleged 460 million euro ($540 million) laundering operation. The Guarda Civil conducted coordinated raids in the Canary Islands and Madrid, uncovering a network that preyed on over 5,000 victims.

Europol's joint investigation with Estonian, French, and U.S. counterparts revealed the organization's complex financial infrastructure. The group allegedly established Hong Kong-based corporate fronts to process illicit funds through multiple accounts across various cryptocurrency exchanges.

The operation utilized a triad of cash withdrawals, traditional bank transfers, and digital asset payments to obscure money trails. Investigators continue tracing the network's activities as the probe expands internationally.