Spanish police have arrested five suspects in a massive cryptocurrency fraud operation.
The suspects allegedly stole $540 million U.S. from more than 5,000 victims worldwide in what is being called one of the largest crypto frauds ever.
The arrests in Spain reportedly come after searches of bank accounts and other financial information were carried out in the Canary Islands and in the City of Madrid on June 25.
The investigation reportedly involved authorities in Spain, as well as from Europol, Estonia, France, and the United States.
The criminal network is alleged to have stolen funds from victims’ accounts using fake crypto websites that took cash withdrawals, bank transfers, and crypto payments from people.
Investigators suspect the organization of having set up a corporate and banking network in Hong Kong to receive, store, and transfer funds through accounts in different names and in different jurisdictions, including the Canary Islands.
According to a statement from Europol, the investigation remains in progress and more arrests could be made in coming days.
News of this latest fraud comes amid reports that crypto investors lost $2.1 billion U.S. to hacks, thefts and scams in this year’s first half, the worst six-month period on record for the security of digital assets.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is currently trading at $107,750 U.S., having gained 15% this year.
