Spain cracks down on €460M crypto fraud network in Europol-backed operation
2025-06-30 12:19:10
Main Idea
Spanish authorities, with Europol's support, arrested suspects involved in a €460 million crypto fraud network that defrauded over 5,000 victims globally.
Key Points
1. Spanish Guardia Civil arrested 22 suspects in a major operation targeting a €460 million crypto fraud network on 25 June.
2. The operation was backed by Europol and involved raids in Alicante, Barcelona, Malaga, the Canary Islands, and Madrid.
3. The criminal network defrauded over 5,000 victims worldwide using fake crypto investments and a complex system to launder proceeds.
4. The fraud involved luring victims with promises of high returns on crypto investments, which were never actually traded.
5. Europol's March report highlighted the increasing threat of organized cybercrime, including crypto fraud, driven by AI advancements.
Description
Spanish authorities, with Europol and international partners, arrested five suspects in a major operation targeting a €460 million crypto fraud network. On 25 June, the Spanish Guardia Civil, backed by Europol and law enforcement partners from Estonia, France, and the United States, executed coordinated raids that led to the arrests of five individuals behind one of Europe’s largest crypto fraud operations to date. Three arrests were carried out on the Canary Islands and two in Madrid. The group...
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