Cryptocurrency fraud ring busted in Spain after laundering $540 million, Europol says

A cryptocurrency investment fraud ring that investigators said laundered 460 million euros ($540 million) using a worldwide network of accomplices has been dismantled in Spain, European police body Europol said on Monday.

Europol said Spanish police led the operation against the criminal network, and that law enforcement agencies from France, Estonia and the United States were also involved.

Five people were arrested as a result of the operation, with three arrested on the Canary Islands and two in Madrid.


Europol, headquartered in The Hague, said the network allegedly used associates around the world to raise funds through cash withdrawals, bank transfers and crypto-transfers.

Investigators suspect the organisation of establishing a corporate and banking network based in Hong Kong, using payment gateways and user accounts in the names of different people and in different exchanges to receive, store and transfer criminal funds.

The investigation continues, added Europol.