Europol Busts €460 Million Crypto Scam Ring

Europol dismantled a major cryptocurrency fraud ring that stole €460 million ($540 million) from more than 5,000 victims worldwide. The international crackdown, known as Operation Borrelli, was led by Spain’s Guardia Civil with support from law enforcement agencies in Estonia, France, and the United States. Europol busts €460 million crypto scam networks like this as online investment fraud continues to surge across borders.

Authorities arrested five suspects and conducted five searches across Madrid and the Canary Islands. The group allegedly lured victims through dating apps and messaging platforms, pushing fake investment opportunities. Europol busts €460 million crypto fraud rings by tracing complex money flows through Hong Kong-based corporate and banking structures. The network reportedly moved funds using cash withdrawals, bank transfers, and cryptocurrency exchanges tied to accounts under multiple identities.

Europol warns that online fraud, increasingly powered by AI and data access, threatens to surpass all other organized crime in scale and impact.

Europol dismantles €460M crypto scam targeting 5,000 victims worldwide