Spanish police arrested five members of a suspected crypto fraud that allegedly laundered € 460 million ($ 540 million) stolen from over 5,000 victims.
The bust, carried out by Guarda Civil, the armed wing of the country’s law enforcement authorities, then three arrests from searches in the Canary Islands and two in Madrid on June 25.
The study was supported Europol as well as police forces from Estonia, France and USA
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 creating a business and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.
The study is still underway, Europol added.
