Europol Dismantles €460M Cryptocurrency Fraud Ring Spanning Multiple Countries

Spanish authorities, coordinating with Europol and international partners, have arrested five individuals tied to a sophisticated crypto scam that defrauded investors of €460 million. The operation targeted a network using fake Hong Kong-based corporate structures to launder proceeds through mixed financial channels—including traditional banking and digital assets.

Investigators uncovered a 'pig butchering' scheme where perpetrators cultivated long-term relationships with victims to escalate financial demands. This case follows Spain's earlier seizure of $26.4 million in crypto-linked laundered funds, signaling intensified European enforcement against financial crimes in digital asset markets.

The U.S. Department of Justice paralleled these efforts with recent seizures exceeding $225 million from similar fraud operations. Five American defendants separately confessed to orchestrating a $37 million crypto scam with Cambodian money trails.