The post Crypto Scam Network Exposed in Spain with Over 5,000 Victims appeared first on Coinpedia Fintech News
On June 25, Europol announced a major breakthrough as Spanish Guardia Civil, with support from law enforcement in the U.S., Estonia, and France, dismantled an international crypto fraud network that scammed over 5,000 victims across Europe and beyond.
The Fraud Operation
The criminal gang operated via a Hong Kong-based front company that posed as a legitimate Forex and crypto investment platform. The scheme laundered over €460 million (nearly $500 million), making it one of the largest crypto-related scams in Europe.
“Investigators suspect the criminal organisation of having set up a corporate and banking network based in Hong Kong… to receive, store and transfer criminal funds.” — Europol
Five individuals were arrested during raids in Madrid and the Canary Islands, with ongoing searches still uncovering new evidence. Europol’s forensic team and fina
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