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Crypto Scam Network Exposed in Spain with Over 5,000 Victims
In a significant breakthrough, Spanish authorities have dismantled an international crypto scam network that duped over 5,000 victims worldwide. The operation, which involved collaboration with law enforcement agencies from the US, Estonia, and France, has shed light on the alarming scale of fraudulent activities in the cryptocurrency space.
According to Europol, the criminal organization posed as a Hong Kong-based company offering fake Forex and crypto investment opportunities. Under the guise of substantial returns, they lured unsuspecting investors into parting with their hard-earned money. The scam network laundered an astonishing €460 million (nearly $500 million), making it one of the largest crypto-related frauds in Europe.
The operation was a year-long investigation that culminated in arrests and ongoing searches to uncover further evidence. Spanish authorities, supported by Europol’s forensic team and financial crime specialists, executed raids in Madrid and the Canary Islands, resulting in the apprehension of five individuals.
Source: coinpedia.org
