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Spanish Police Dismantle $540 Million Global Crypto Fraud Ring
Spanish Police Dismantle $540 Million Global Crypto Fraud Ring
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BTCCSquare news:
Spanish authorities have arrested five individuals linked to a sophisticated cryptocurrency fraud scheme that defrauded over 5,000 victims of €460 million ($540 million). The two-year investigation, involving collaboration between Spain, Europol, and agencies in the U.S., France, and Estonia, uncovered a network using Hong Kong shell companies, fake exchange accounts, and deep-fake advertising to lure investors.
The operation culminated in raids across Madrid and the Canary Islands, with Europol's crypto specialists assisting in tracing digital footprints. The fraudsters promised outsized returns through elaborate online campaigns while laundering proceeds through opaque cryptocurrency wallets.
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