€460m Crypto Fraud Ring Dismantled in Spain After Scamming 5,000 Victims

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According to a Europol announcement published on June 30, 2025, the Spanish Guardia Civil, backed by Europol and law enforcement from France, Estonia, and the United States, dismantled a cryptocurrency investment fraud ring that had defrauded over 5,000 victims worldwide of around €460 million (approx. $540 million).

Five arrests were made across Spain on June 25, with three in the Canary Islands and two in Madrid. Europol began investigating the investment fraud and laundering ring in 2023 and sent a crypto specialist to Spain to assist the investigation. 

The case is one of the largest ever cases of its kind in Spain and was global in scale, allegedly using a corporate and banking network in Hong Kong with payment gateways and user accounts under different names on exchanges to transfer illicit funds. 

The criminal network is believed to have had a network of associates across the world who they would defraud via cash withdrawals, bank transfers, and crypto transfers. 

Europol added that,

Online fraud is an epidemic affecting EU citizens, businesses and public institutions alike. The scale, variety, sophistication and reach of online fraud schemes is unprecedented. Europol expects online fraud to outpace other types of serious and organised crime as it is being accelerated by AI, aiding social engineering and access to data.

AI is altering the nature of fraud, which is becoming more complex, personal, and global as cybercriminals exploit technological advancements and increasingly sophisticated tactics.