Authorities reported three arrests and searches on the Canary Islands, and two in Madrid on June 25 as part of an investigation into a $541 million crypto scheme.
Europol reported that the investigation was ongoing, but authorities had made five arrests connected to a scheme that defrauded more than 5,000 people.The European Union Agency for Law Enforcement Cooperation, or Europol, reported the arrest of five members of a “criminal network engaged in cryptocurrency investment fraud.
”the Spanish Guardia Civil, with the support of its agency and law enforcement from the United States, France and Estonia, arrested five people allegedly involved in a scheme to defraud more than 5,000 investors out of 460 million euros, roughly $542 million at the time of publication. Authorities reported three arrests and searches on the Canary Islands, and two in Madrid on Wednesday. “To carry out their fraudulent activities, the leaders of the criminal network allegedly used a net of associates spread around the world to raise funds through cash withdrawals, bank transfers and crypto-transfers,” the notice reads. The case marked one of the largest investment schemes involving cryptocurrencies in Spain. In January, local authorities said they had“Investigators suspect the criminal organisation of having set up a corporate and banking network based in Hong Kong, allegedly using payment gateways and user accounts in the names of different people and in different exchanges to receive, store and transfer criminal funds.”of more than $225 million “linked to cryptocurrency investment scams” involving pig butchering fraud. The scheme refers to the practice of “fattening” up victims by convincing them to send increasingly larger amounts of money over time.that five men pleaded guilty to participating in a $37 million crypto scam in which the assets were sent to Cambodia.Record Q2, monthly close next? 5 things to know in Bitcoin this week
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