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Europol dismantles a crypto scam network of 542 million USD in Spain
Europol, in collaboration with the police of Spain, America, France, and Estonia, has just arrested 5 members of a criminal network specializing in cryptocurrency investment fraud, having embezzled more than 460 million euros (~542 million USD) from over 5,000 victims.
Three suspects were arrested in the Canary Islands, two others in Madrid. This group is accused of using a global network of associates to raise funds through cash withdrawals, bank transfers, and crypto transfers.
The organization also established a system of companies and bank accounts in Hong Kong to conceal and transfer illegal money through multiple exchanges. This is one of the largest crypto scams ever dismantled in Spain.