30-6-2025 – Spanish authorities have dismantled a sophisticated criminal syndicate accused of orchestrating a €460 million ($500mil) cryptocurrency fraud that ensnared thousands worldwide. On 25 June 2025, law enforcement swooped in, apprehending five suspects in meticulously coordinated raids across Madrid and the Canary Islands, as revealed by Europol, the European law enforcement agency.
🔎 Watch the operation unfold as the Spanish Guardia Civil, with the support of Europol and police from Estonia, France, and the US, dismantle a criminal network engaged in cryptocurrency investment fraud.
Read more about the operation here ⤵️https://t.co/yiUKyW1TI2 pic.twitter.com/D8jfZeqxDu
— Europol (@Europol) June 30, 2025
The operation, spearheaded by Spain’s Guardia Civil with bolstered support from Europol, saw collaboration from international partners, including Estonia’s Police and Border Guard Board, France’s New Caledonia National Gendarmerie, and U.S. Homeland Security Investigations. Three individuals were detained in the Canary Islands, with two others arrested in Madrid. Authorities also conducted searches at five properties, unearthing evidence of a sprawling scam that defrauded over 5,000 victims globally.
€460 million laundered through complex financial shells
Europol disclosed that the criminal network laundered a staggering €460 million in illicit gains, funnelled through an intricate web of corporate and banking structures allegedly26/11/2024 structures based in Hong Kong. The group allegedly exploited payment gateways and accounts registered under various names across multiple exchanges to manage and transfer their ill-gotten funds, obscuring their trail with calculated precision.
Europol deploys crypto specialist amid growing fraud threat
The investigation, which Europol began supporting in 2023, benefited from the agency’s financial crime expertise, analytical resources, and the deployment of a cryptocurrency specialist to Spain during the raids. Europol’s 2025 threat assessment underscores the escalating danger of online fraud, labelling it an “epidemic” that imperils citizens, businesses, and public institutions across the EU. The agency warns that the sophistication and global reach of such schemes are unprecedented, with artificial intelligence poised to amplify their potency, outstripping other forms of organised crime.
