Spanish police have arrested five individuals linked to a suspected crypto fraud operation that allegedly laundered €460 million (approximately $540 million) from over 5,000 victims. The arrests occurred on June 25, 2025, with three suspects apprehended in the Canary Islands and two in Madrid. The operation, supported by Europol and collaborating forces from Estonia, France, and the U.S., involved the creation of a corporate and banking network based out of Hong Kong for the purpose of managing illicit funds across multiple accounts and crypto exchanges. Investigators believe the criminal network raised funds through methods such as cash withdrawals, bank transfers, and cryptocurrency payments. The ongoing investigation seeks to uncover further details and potentially more suspects involved in the scheme.

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