Europol Dismantles €460M Crypto Scam Targeting 5,000 Victims Worldwide

TL;DR

Europol successfully dismantled a massive cryptocurrency scam that defrauded over 5,000 victims worldwide, laundering approximately €460 million. The operation, led by Spain’s Guardia Civil with international support, highlights the growing threat of online fraud driven by AI and data access.

Main Content

Europol Busts Global Crypto Scam Ring

Europol has taken down a massive cryptocurrency fraud ring that scammed over 5,000 people worldwide, laundering around €460 million ($540 million). The international operation, dubbed Operation Borrelli, began in 2023 and was led by Spain’s Guardia Civil with support from law enforcement in Estonia, France, and the U.S.

Watch the operation unfold as the Spanish Guardia Civil, with the support of Europol and police from Estonia, France, and the US, dismantle a criminal network engaged in cryptocurrency investment fraud.Read more

Modus Operandi of the Scammers

Scammers lured victims via chats or dating apps in crypto romance scams, then stole money through fake platforms and hid it via complex transfers¹.

Law Enforcement Actions

Law enforcement arrested five members of the criminal network engaged in cryptocurrency investment fraud and performed five searches between the Canary Islands and Madrid.

International Money Laundering Scheme

The criminal network allegedly used global associates and a Hong Kong-based corporate and banking setup to move illicit funds via cash, bank, and crypto transfers.

“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.” reads the press release published by Europol. “Investigators suspect the criminal organization of having set up a corporate and banking network based in Hong Kong, allegedly using payment gateways and user accounts in the names of different people and in different exchanges to receive, store, and transfer criminal funds. The investigation is ongoing.”

Rising Threat of Online Fraud

Online fraud is a top threat to EU security, with rising scale and sophistication. Europol warns it may surpass other crimes, driven by AI and data access.

“Online fraud is one of the main key threats to the EU’s internal security identified in Europol’s Serious and Organised Criminal Threat Assessment (EU SOCTA), published in March 2025. Online fraud is an epidemic affecting EU citizens, businesses, and public institutions alike. The scale, variety, sophistication, and reach of online fraud schemes is unprecedented.” concludes the press release. “Europol expects online fraud to outpace other types of serious and organized crime as it is being accelerated by AI, aiding social engineering and access to data.”

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Conclusion

The successful dismantling of this cryptocurrency scam ring by Europol highlights the increasing threat of online fraud. As technology advances, particularly with AI, the sophistication and scale of such crimes are expected to rise. Vigilance and international cooperation are crucial in combating these evolving threats.

Additional Resources

For further insights, check:

• FBI Warns of Online Romance Scams
• Europol’s Serious and Organised Criminal Threat Assessment (EU SOCTA)

References

1. Europol (June 30, 2025). “Crypto investment fraud ring dismantled in Spain after defrauding 5,000 victims worldwide”. Europol. Retrieved July 1, 2025. ↩︎