Spain recently apprehended five individuals tied to a suspected cryptocurrency fraud organization believed to have laundered approximately €460 million (or $540 million) from over 5,000 victims. This operation unfolded with a series of arrests executed by the Guarda Civil, Spain’s armed police force, who conducted searches in various locations, including the Canary Islands and Madrid, on June 25.

The investigation garnered support not only from Europol but also involved cooperation from police authorities in Estonia, France, and the United States. According to the findings, it is suspected that this criminal network established a corporate and banking scheme in Hong Kong to effectively manage, store, and transfer illicit funds through various accounts set up under different aliases on several exchanges.

This inquiry is ongoing, with authorities continuing their efforts to uncover the full extent of the operation and its activities.