Worldwide crypto fraud ring worth €460m busted in Spain
More than 5,000 people fell victim to the gang
Crypto is also manna for snake-oil salesmen flogging conspiracy theories about the deep state. Photo: Getty
Last Wednesday, June 25th, the Guardia Civil, with support from police in Estonia, France and the US arrested five members of the criminal network.
Three were arrested on the Canary Islands, and two in Madrid following searches.
It came following an investigation that identified the fraudsters laundered €460 million in illicit profits, stolen through crypto investment fraud from more than 5,000 victims.
The gang allegedly used a net of associates around the world, who raised money through cash withdrawals, bank transfers and crypto transfers.
Crypto is also manna for snake-oil salesmen flogging conspiracy theories about the deep state. Photo: Getty
Today's News in 90 Seconds - June 30th
Investigators suspect the criminal organisation set up a corporate and banking network based in Hong Kong.
They believe they used payment gateways and user accounts in the names of different people and in different exchanges to receive, store and transfer criminal funds.
The investigation is ongoing.
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