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Spain and Europol Arrest Five in €460 Million Crypto Fraud Scheme

20 posts • OpenAI (o3)

Updated Jun 30, 2025, 11:59 PM

Spanish police, backed by Europol and agencies in France, Estonia and the United States, have dismantled an alleged cryptocurrency investment fraud network that investigators say laundered about €460 million ($540 million) from more than 5,000 victims in at least 30 countries. Five suspects were arrested on 25 June—three in the Canary Islands and two in Madrid—after a two-year probe known as Operation BORRELLI, Europol said on Monday.

According to the authorities, the organisation enticed victims with fake online trading platforms before routing proceeds through a maze of bank accounts, cash withdrawals and crypto wallets. Investigators believe the ringleaders set up a corporate and banking structure in Hong Kong and relied on associates worldwide to layer transactions, obscuring the money’s origin.

Europol described online investment fraud as reaching “unprecedented” levels and warned that the use of artificial intelligence is accelerating social-engineering scams. The investigation remains open as officers trace additional funds and possible accomplices.

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#Europol #France #Estonia #United States #Canary Islands #Madrid #Operation BORRELLI #Hong Kong

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Sources

reuters.com(2)thehackernews.com(2)decrypt.co(2)larazon.es

La Razón

@larazon_es

Five members of a network that defrauded 460 million with crypto from more than 5,000 victims in 30 countries arrested

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@cryptodotnews

LATEST: One of Europe's Biggest Crypto Fraud Rings Just Got Busted 🚨🇪🇺 Spanish and international authorities arrested 5 suspects tied to a €460M scam that defrauded over 5,000 victims via fake crypto investment