🚨 Spain Busts Massive $541M Crypto Scam 5 Arrested!
Big news out of Europe — Spanish police just cracked down on one of the biggest crypto scams the country has ever seen.
With help from Europol and authorities in the U.S., France, and Estonia, Spain’s Guardia Civil arrested five people connected to a criminal group that scammed over 5,000 victims. The total damage? A jaw-dropping €460 million — that’s around $541 million USD!
According to Europol, this group set up a huge web of people worldwide to raise funds using bank transfers, crypto transactions, and even cash withdrawals. The masterminds allegedly built a network of companies and bank accounts — mostly based in Hong Kong — to move the stolen money around using fake identities and shady payment gateways.
Raids were carried out last week, with three arrests in the Canary Islands and two more in Madrid. Authorities also seized millions in crypto.
This isn’t the first big crypto bust in Spain. Back in January, police froze over $26 million in digital assets tied to a money laundering ring.
And it’s not just Spain. Around the world, governments are cracking down hard on crypto fraud. In June alone:
The U.S. Justice Department seized $225 million tied to crypto scams, many using the “pig butchering” tactic — where scammers gain trust, then trick victims into investing more and more.
Five men pleaded guilty in a separate $37 million scam involving crypto funds sent to Cambodia.
Bottom line: The crypto space may be full of opportunities — but it’s also full of traps. Always double-check before you invest.