$540 Million Crypto Scam: Five Arrested in Spain Raid

Crypto News Regulation

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 30, 2025

Key Takeaways

Five suspects were arrested in Spain for a crypto fraud scheme that stole nearly $540 million from over 5,000 victims;
The group used fake firms, third-party accounts, and global networks to launder funds, with part of the operation based in Hong Kong;
Europol said online fraud, which targets both individuals and organizations, is growing across Europe.

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$540 Million Crypto Scam: Five Arrested in Spain Raid

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Five people tied to a cryptocurrency fraud scheme that stole close to $540 million from over 5,000 people were arrested in Spain.

Three of the arrests took place on the Canary Islands, while the other two were made in Madrid.

The investigation, which began in 2023, involved law enforcement teams from Spain, Estonia, France, and the United States. A crypto expert was also brought to Spain to help authorities examine digital evidence during the raids.

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According to investigators, those behind the operation set up a wide network to transfer and hide the stolen funds. This included using people across different countries to withdraw money, transfer it between bank accounts, and move it through crypto wallets.

Much of the laundering was done through fake companies and bank accounts registered in other people’s names. Police stated that part of this setup was based in Hong Kong, where the group used business and banking channels to store and move funds.

Footage released by Europol showed officers from the Spanish Civil Guard entering homes and arresting suspects. The video also shows one person being led out in handcuffs.

Although the arrests have been made, the investigation is still ongoing. Authorities are currently trying to uncover the full scale of the group’s activity and track down more people who may have been involved.

Europol said this kind of online fraud is becoming more common across Europe and affects not just individuals, but also companies and public services.

Recently, Dwayne Golden from the US was sentenced to nearly eight years in prison. What happened? Read the full story.