Europol reported that the investigation was ongoing, but authorities had made five arrests connected to a scheme that defrauded more than 5,000 people.
The European Union Agency for Law Enforcement Cooperation, or Europol, reported the arrest of five members of a “criminal network engaged in cryptocurrency investment fraud.”
In a Monday notice, Europol said the Spanish Guardia Civil, with the support of its agency and law enforcement from the United States, France and Estonia, arrested five people allegedly involved in a scheme to defraud more than 5,000 investors out of 460 million euros, roughly $542 million at the time of publication. Authorities reported three arrests and searches on the Canary Islands, and two in Madrid on Wednesday.
“To carry out their fraudulent activities, the leaders of the criminal network allegedly used a net of associates spread around the world to raise funds through cash withdrawals, bank transfers and crypto-transfers,” the notice reads.
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