Spanish authorities, with support from Europol and international law enforcement, have arrested five individuals linked to a cryptocurrency investment fraud scheme that defrauded over 5,000 investors out of approximately $541 million. The operation involved three arrests on the Canary Islands and two in Madrid. According to Europol, the criminal network utilized a global network of associates to execute fraudulent activities, which included raising funds through various financial mechanisms such as cash withdrawals and crypto-transfers. The case is one of the largest investment scams involving cryptocurrencies in Spain. Local authorities have earlier indicated a connection between digital assets and a money laundering operation, with the organization suspected of establishing a corporate and banking network in Hong Kong to facilitate the transfer and storage of illicit funds.

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