Overview
- Three suspects were detained in the Canary Islands and two in Madrid during simultaneous raids on June 30.
- Authorities say the ring siphoned funds from over 5,000 victims and laundered almost $540 million through a Hong Kong-based corporate and banking network.
- A crypto specialist was deployed on the day of the raids to help unravel complex transactions across DeFi platforms and offshore entities.
- The operation concludes a probe launched in 2023 by Spanish, Estonian, French and U.S. agencies under Europol coordination.
- European authorities warn that digital assets and DeFi services are increasingly used to conceal illicit proceeds and facilitate crimes such as drug trafficking and migrant smuggling.