A vast cryptocurrency investment fraud scheme that netted €460m from more than 5000 victims worldwide has been disrupted by European and US authorities.
A coordinated law enforcement operation on June 25 2025, led to five arrests in Spain and exposed a complex global network designed to launder illicit funds through digital assets.
The arrests, which took place across Madrid and the Canary Islands, were part of Operation BORRELLI. Spanish Guardia Civil officers, supported by Europol and law enforcement agencies from Estonia, France and the US, carried out five searches in conjunction with the arrests.
The criminal network allegedly used a far-reaching system of global associates to move funds via bank transfers, crypto-transfers and cash withdrawals.
Investigators believe the group established a corporate and banking structure in Hong Kong to receive and disguise the proceeds, making use of payment gateways and user accounts under false identities across multiple exchanges.
Europol had been assisting Spanish authorities since 2023, providing strategic and operational support throughout the investigation. On the day of the arrests, the agency deployed a cryptocurrency specialist to Spain to help local investigators with technical expertise, further contributing to the operation’s success.
Read more on online fraud and its impact on EU security: Europol Dismantles Major Online Fraud Platform in Blow to Fraudsters
Fraud a Leading Threat in EU
Online fraud has been identified as one of the EU’s most pressing internal security threats, according to Europol’s Serious and Organised Crime Threat Assessment 2025 (EU-SOCTA). The report, released in March, warns that cyber-enabled fraud is accelerating, aided by artificial intelligence and the misuse of personal data.
The scale and complexity of such fraud is evolving rapidly. Europol anticipates that online fraud will soon surpass other forms of serious and organized crime.
Its broad impact on EU citizens, businesses and institutions underscores the need for heightened international cooperation and technological preparedness.
The EU-SOCTA report is a critical tool for shaping law enforcement policy across Europe. Released every four years, the latest edition provides a detailed analysis of criminal threats and trends, helping member states coordinate a more unified and strategic response to transnational crime.
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