Madrid, July 1 (V7N) — Spanish authorities, in coordination with Europol, have dismantled a major cryptocurrency fraud and money laundering ring responsible for laundering over $540 million (approximately €500 million), officials announced on Sunday.
 
The complex criminal network operated across multiple countries and was involved in large-scale financial fraud, cybercrime, and illicit cryptocurrency activities, according to Europol’s statement. The investigation was led by Spain’s Civil Guard with support from law enforcement agencies across Europe and international partners.
 
Authorities carried out eight house searches, arrested nine individuals, and froze over 70 digital wallets as part of the operation. Several high-value assets, including luxury vehicles, real estate, and electronic devices, were also seized.
 
According to Europol, the group had developed a sophisticated scheme to scam victims through fake investment platforms, enticing them to invest in non-existent cryptocurrencies or blockchain-based products. Once funds were deposited, the victims lost access to their money, which was then funneled through a complex web of wallets, exchanges, and “mixing” services to obscure the origins and final destinations of the proceeds.
 
“The dismantled criminal network was among the most prolific in the European crypto-fraud scene,” Europol said. “It used advanced technological tools and false identities to hide the flow of illicit funds.”
 
The gang also allegedly ran phishing campaigns and exploited malware to gain unauthorized access to financial accounts and digital wallets. Europol’s experts supported the case with cyber analysis, digital forensics, and blockchain tracing technology, helping track the fraudulent funds in real time.
 
The investigation remains ongoing as authorities work to identify additional victims and recover more assets.
 
This bust highlights growing international efforts to combat the misuse of digital currencies for criminal activities, amid increasing regulatory scrutiny and cross-border cooperation in the digital finance sector.
 
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