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Investing.com -- Spanish authorities have dismantled a cryptocurrency investment fraud ring that laundered approximately €460 million ($540 million), according to an announcement from Europol on Monday.
The operation was led by Spanish police with support from law enforcement agencies in France, Estonia, and the United States. Five suspects were arrested as part of the crackdown, with three taken into custody in the Canary Islands and two in Madrid.
According to Europol, the criminal network used associates worldwide to gather funds through various methods including cash withdrawals, bank transfers, and cryptocurrency transfers.
Investigators believe the organization established a corporate and banking network based in Hong Kong. The group allegedly utilized payment gateways and user accounts registered under different names across various exchanges to receive, store, and transfer criminal funds.
Europol, which is headquartered in The Hague, stated that the investigation into the cryptocurrency fraud operation remains ongoing.
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