Global Cryptocurrency Fraud Network Uncovered in Spain
Europol announced that Spanish authorities dismantled a cryptocurrency fraud network laundering 460 million euros. Arrests were made in the Canary Islands and Madrid, with international law enforcement from France, Estonia, and the U.S. assisting. The network allegedly used global associates, banking systems, and payment gateways to process illicit funds.
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In a significant crackdown, Spanish authorities have dismantled a cryptocurrency fraud network, Europol revealed on Monday. The network, allegedly involved in laundering 460 million euros across the globe, saw participation from law enforcement in France, Estonia, and the United States.
The operation led to the arrest of five individuals: three on the Canary Islands and two in Madrid. Europol, based in The Hague, reported the network's extensive use of global associates, bank transfers, crypto-transfers, and cash withdrawals to funnel illegal funds.
Investigators suspect the network established a complex corporate and banking structure in Hong Kong. By utilizing payment gateways and accounts registered under various names, the group allegedly managed to receive, store, and transfer criminal proceeds. The investigation remains ongoing, according to Europol.
(With inputs from agencies.)
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- cryptocurrency
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- Europol
- Spain
- laundering
- network
- arrests
- Hong Kong
- illicit funds
- global
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