Europol announced the dismantling of a major cryptocurrency investment fraud ring that laundered €460 million ($540 million) from more than 5,000 victims worldwide. The operation involved the Spanish Guardia Civil and various international partners and resulted in the arrest of five suspects. Known for a method called "pig butchering," scammers built trust over time before leading victims to invest in fictitious cryptocurrencies. The criminals utilized a complex network to move funds through numerous accounts, complicating tracing efforts by authorities. This takedown follows a broader trend of targeted U.S. actions against similar scams.
Europol, in collaboration with law enforcement from multiple countries, dismantled a cryptocurrency fraud ring that laundered €460 million from over 5,000 victims globally.
The fraudsters operated a complex scheme, using social engineering tricks and a network of associates to control cash withdrawals and crypto transfers.
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