A major international cryptocurrency fraud network has been dismantled following a coordinated action led by the Spanish Guardia Civil, supported by Europol and law enforcement agencies from Estonia, France, and the United States. On June 25, 2025, five key members of the operation were arrested — three on the Canary Islands and two in Madrid — effectively shutting down a criminal operation that had deceived thousands globally and laundered illicit gains estimated at EUR 460 million.
This investigation began in 2023 with Europol providing strategic support, analytical resources, and deploying financial crime and crypto specialists. These experts worked closely with Spanish authorities to trace the digital footprints of the criminal enterprise. On the day of the operation, Europol also sent a crypto crime specialist to Spain to assist local investigators, helping bring the large-scale investigation to a successful turning point.
At the heart of this scam was a complex web of global actors. The leaders of the criminal network operated through a wide-reaching network of associates scattered across multiple countries. These individuals acted as sales agents and financial conduits, helping the organization collect funds via cash withdrawals, bank transfers, and cryptocurrency transactions. Victims, lured by promises of high returns on digital asset investments, unknowingly transferred money into fraudulent schemes masked as legitimate crypto offerings.
To conceal the origins and flow of the stolen funds, the organization is believed to have established a corporate and banking infrastructure in Hong Kong. By setting up user accounts under various names and using multiple cryptocurrency exchanges, they successfully moved, stored, and laundered vast sums of criminal money. The digital nature of the assets and the anonymity of the transactions allowed the network to operate on a global scale while remaining under the radar.
The investigation remains ongoing, with authorities continuing to track the financial trails and identify other individuals potentially involved. The participating countries in the crackdown include the Estonian Police and Border Guard Board, France’s New Caledonia National Gendarmerie, Spain’s Guardia Civil, and the United States Homeland Security Investigations.
This case highlights the growing threat of online fraud, especially in the crypto space. Europol’s recent Serious and Organised Criminal Threat Assessment (EU SOCTA) identifies online fraud as one of the top risks to the European Union’s internal security. The report, published in March 2025, warned that online scams are becoming more sophisticated and widespread due to technologies like artificial intelligence, which make social engineering and data access easier and more dangerous.
As crypto investments grow in popularity, this operation serves as a stark reminder of the risks involved when dealing with unregulated platforms or unknown entities. Investors are advised to remain cautious, verify the legitimacy of platforms, and avoid promises of unusually high returns.
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