Spanish Police and Europol Crack Down on Global Crypto Fraud Ring

Spanish authorities, supported by Europol, have dismantled a sprawling cryptocurrency investment fraud network operating across Spain, France, Estonia, and the United States. The operation, culminating in late June, resulted in five arrests and multiple property searches in Madrid and the Canary Islands.

The criminal organization employed a sophisticated multi-jurisdictional structure, using associates worldwide to launder approximately €460 million ($540 million) through cash withdrawals, bank transfers, and crypto transactions. Over 5,000 victims were defrauded via aggressive phone, email, and in-person marketing of fraudulent crypto schemes.

Europol's financial crime unit had been tracking the network since 2023. Unlike typical crypto-native scams, this operation relied heavily on traditional social engineering tactics to exploit victims. 'The leaders used a global web of intermediaries to obscure their activities,' Europol noted in its statement.