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Spanish police arrest five over $542M crypto investment scheme
Spain's Guardia Civil and Europol touted an operation that took down an international scheme that lured victims into bogus cryptocurrency investments.
The suspects, based in Madrid and the Canary Islands, allegedly operated a global network of accomplices who collected money through cash deposits, wire transfers and cryptocurrency transactions. According to Spain’s Guardia Civil, the criminal ring used a company based in Hong Kong, posing as a legitimate foreign-exchange investment firm, to lure victims into bogus crypto deals. In May, the U.S. Treasury sanctioned Philippines-based infrastructure firm Funnull Technology Inc. for supporting hundreds of thousands of websites tied to so-called “pig butchering” scams — fraud operations that combine social engineering, fake investment pitches, and romance lures to drain victims’ crypto wallets.
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