Crypto Scam Network Exposed in Spain with Over 5,000 Victims

Key Points

1. Spanish Guardia Civil, with support from U.S., Estonia, and France, dismantled a crypto fraud network operating via a Hong Kong-based front company.

2. The criminal gang laundered over €460 million (nearly $500 million), making it one of the largest crypto fraud cases.

3. Europol's investigation revealed the gang used a corporate and banking network in Hong Kong to receive, store, and transfer criminal funds.

4. The operation was a result of a year-long investigation launched in 2023, involving multiple international law enforcement agencies.

5. Europol warned about the increasing scale, variety, and sophistication of online fraud schemes, particularly crypto scams, as a major threat to EU security.