Crypto Fraud Ring Busted in Spain

Spanish authorities, in collaboration with Europol and law enforcement agencies from Estonia, France, and the United States, have dismantled a major cryptocurrency fraud network, arresting five individuals. The operation, conducted on June 25, 2025, revealed that the criminal network defrauded over 5,000 victims across the globe, amassing illicit gains of EUR 460 million.

The arrests occurred in the Canary Islands and Madrid, with simultaneous searches executed in these locations. Europol has been involved in the investigation since 2023, providing essential support through coordination, strategic analysis, and the deployment of a crypto expert to assist in the operation.

The fraudsters operated a sophisticated network utilizing associates worldwide to facilitate cash withdrawals, bank transfers, and crypto-transfers. The investigation suggests the establishment of a corporate and banking network in Hong Kong, utilizing multiple payment gateways and user accounts to manage and launder the criminal proceeds. Participating authorities in the probe included Estonia’s Police and Border Guard Board, France’s New Caledonia National Gendarmerie, Spain’s Guardia Civil, and the USA’s Homeland Security Investigations.

Europol’s Serious and Organised Criminal Threat Assessment has identified online fraud as a major threat to the EU’s internal security, highlighting the increasing sophistication and reach of such schemes. The ongoing investigation into this network underscores the critical need for international cooperation in combating the growing epidemic of online fraud.