Spanish authorities have arrested five individuals linked to a massive crypto investment fraud scheme that laundered nearly $540 million (€460 million) from over 5,000 victims. This operation was the result of a global investigation involving law enforcement from Spain, Estonia, France, and the U.S., initiated in 2023. Three suspects were apprehended in the Canary Islands, while two others were arrested in Madrid. Europol deployed a crypto expert to assist during the raids, which were crucial for the operation's success. The fraudsters allegedly utilized a worldwide network to gather funds through cash withdrawals and transfers from bank accounts and crypto wallets. Reports suggest that a corporate and banking network was set up in Hong Kong to manage illicit funds. Europol has described online fraud as an epidemic affecting EU citizens and institutions, warning that the sophistication and scale of such schemes are unprecedented. The agency anticipates that online fraud will surpass other serious crimes, exacerbated by advancements in AI. Read more AI-generated news on: https://app.chaingpt.org/news

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