In Spain, an international crypto scheme has been uncovered with damages of €460 million
On June 25, the Civil Guard of Spain arrested five members of an international criminal group behind a large-scale cryptocurrency fraud. The operation was carried out with the support of Europol, as well as law enforcement from Estonia, France, and the USA. Searches were conducted in Madrid and the Canary Islands.
According to the investigation, the criminals deceived more than 5,000 people worldwide, defrauding them under the guise of crypto investments. The damage amounted to over €460 million, laundered through cash, bank transfers, and cryptocurrency.
The perpetrators used corporate infrastructure in Hong Kong to process payments. Finances were accumulated in accounts of shell companies and crypto exchanges, then withdrawn abroad.
Earlier, the MEXC exchange reported a 200% increase in crypto fraud in Q1 2025. India, CIS countries, and Indonesia were particularly hard hit. The main reason is the low level of financial literacy among users.