A massive cryptocurrency investment fraud scheme that raked in €460 million from over 5000 victims worldwide has been thwarted by European and US authorities. On June 25, 2025, a coordinated law enforcement operation led to five arrests in Spain and uncovered a sophisticated global network aimed at laundering illicit funds through digital assets.
The arrests, carried out in Madrid and the Canary Islands, were part of Operation BORRELLI. Spanish Guardia Civil officers, with support from Europol and law enforcement agencies from Estonia, France, and the US, conducted five searches alongside the arrests.
The criminal syndicate reportedly utilized an extensive network of global associates to transfer funds through bank transfers, crypto-transfers, and cash withdrawals. Investigators believe that the group set up a corporate and banking structure in Hong Kong to receive and disguise the proceeds, utilizing payment gateways and user accounts under false identities across various exchanges.
Europol had been aiding Spanish authorities since 2023, offering strategic and operational assistance throughout the investigation. On the day of the arrests, the agency dispatched a cryptocurrency specialist to Spain to provide technical expertise, further enhancing the success of the operation.
Online fraud has emerged as a significant threat to internal security in the EU, as highlighted in Europol’s Serious and Organized Crime Threat Assessment 2025 (EU-SOCTA). The report, issued in March, cautions that cyber-enabled fraud is on the rise, fueled by artificial intelligence and the misuse of personal data.
The swift evolution and increasing complexity of online fraud pose a growing challenge. Europol predicts that online fraud will soon surpass other forms of serious and organized crime, emphasizing the urgent need for enhanced international cooperation and technological readiness.
The EU-SOCTA report serves as a crucial tool for shaping law enforcement policies across Europe. Published every four years, the latest edition offers an in-depth analysis of criminal threats and trends, facilitating member states in coordinating a more unified and strategic response to transnational crime.