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By Jamie Crawley|Edited by Sheldon Reback
Updated Jun 30, 2025, 11:46 a.m. Published Jun 30, 2025, 11:45 a.m.
- Spanish police arrested five members of a suspected crypto fraud operation that allegedly laundered $540 million in profits stolen from more 5,000 victims.
- The investigation was supported Europol, as well as police forces from Estonia, France and the U.S.
- Investigators suspect the organization of having set up a corporate and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.
Spanish police arrested five members of a suspected crypto fraud operation that allegedly laundered 460 million euros ($540 million) stolen from over 5,000 victims.
The bust, carried out by Guarda Civil, the armed wing of the country’s law enforcement agencies, saw three arrests from searches in the Canary Islands and two in Madrid on June 25.
STORY CONTINUES BELOW
The investigation was supported Europol, as well as police forces from Estonia, France and the U.S.
The criminal network raised funds through cash withdrawals, bank transfers and crypto payments, Europol said in a statement on Monday.
Investigators suspect the organization of having set up a corporate and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.
The investigation is still in progress, Europol added.
Jamie has been part of CoinDesk’s news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
