The European Union Agency for Law Enforcement Cooperation, or Europol, reported arrest of five members of a “criminal network engaged in cryptocurrency investment fraud.”
In a notice on Monday, Europol Says The Spanish guardia civil, with agency support and law enforcement from the United States, France and Estonia, arrested five people allegedly involved in a procedure to deceive more than 5,000 investors in 460 million euros, approximately $ 542 million at the time of publication. Authorities reported three arrests and searches in the Canary Islands, and two in Madrid on Wednesday.
“In order to carry out their fraudulent activities, leaders of the criminal network are said to have used a net of associates spreading around the world to raise funds through cash removal, bank transfers and crypto-transfers,” read the notice.
The case has marked one of the largest investment schemes involving cryptocurrencies in Spain. In January, local authorities said they had Frozen over $ 26 million In digital assets connected to a currency laundering operation.
“Investigators suspect the criminal association of having a Hong Kong -based corporate and banking network, which allegedly uses payment gateways and user accounts to the names of different people and in various exchanges to receive, store and transfer criminal funds.”
Related: Crypto scammer gets 8 years for $ 40m eempowercoin, ecoinplus scams
https://www.youtube.com/watch?v=T06MVWZ6NGM
Crypto crackdowns go around the world
On June 18, the United States Department of Justice announced the seizure more than $ 225 million “linked to cryptocurrency investment scams” involving pig killing fraud. The procedure refers to the practice of the “fattening” up of the victims by convincing them to send a greater amount of money over time.
US authorities also Reported in June That five men asked for a sin to participate in a $ 37 million crypto scam from which possessions were sent to Cambodia.
Magazine: Coinbase Hack shows the law probably won’t protect you: here’s why
