Ethical Hacking News
Europol has successfully dismantled a massive cryptocurrency fraud ring that scammed over 5,000 people worldwide, laundering approximately €460 million ($540 million). The international operation, dubbed Operation Borrelli, began in 2023 and was led by Spain’s Guardia Civil with help from law enforcement in Estonia, France, and the U.S. Learn more about this significant development in the fight against online fraud.
Europol dismantled a massive cryptocurrency fraud ring that scammed over 5,000 people worldwide, laundering approximately €460 million ($540 million). The operation, led by Spain's Guardia Civil, was a significant blow to the cryptocurrency scamming community. The modus operandi of these scammers involved creating an illusion of a successful investment opportunity and draining victim accounts once promised returns were met. A complex corporate and banking network in Hong Kong was allegedly used to launder illicit funds. Online fraud is a pressing concern for EU security, with Europol identifying it as one of the main key threats to the EU's internal security. Cybersecurity measures are essential for protecting individuals and organizations from falling prey to sophisticated scams, particularly those aided by AI and social engineering. The success of Operation Borrelli highlights the importance of international collaboration in combating transnational cybercrime.
Europol has successfully dismantled a massive cryptocurrency fraud ring that scammed over 5,000 people worldwide, laundering approximately €460 million ($540 million). The international operation, dubbed Operation Borrelli, began in 2023 and was led by Spain’s Guardia Civil with help from law enforcement in Estonia, France, and the U.S.
The operation is a significant blow to the cryptocurrency scamming community, which has been increasingly targeting individuals through chats or dating apps, promising lucrative investment opportunities. However, upon meeting the victims' expectations, scammers would steal money through fake platforms and hide it via complex transfers. The modus operandi of these scammers is often to create an illusion of a successful investment opportunity, only to drain the victim's account once the promised returns are deemed satisfactory.
In this case, Europol’s Operation Borrelli involved five members of the criminal network being arrested and undergoing searches in both the Canary Islands and Madrid. Law enforcement agencies found that these individuals allegedly used global associates and a Hong Kong-based corporate and banking setup to move illicit funds via cash, bank, and crypto transfers. The extent of this operation is staggering, with investigators suspecting the criminal organization of having set up a complex corporate and banking network based in Hong Kong.
The press release issued by Europol details that the leaders of the criminal network allegedly utilized payment gateways and user accounts in different names and exchanges to receive, store, and transfer criminal funds. This elaborate scheme is reminiscent of other high-profile cryptocurrency scams that have been exposed in recent years, highlighting the ever-evolving tactics employed by cybercriminals.
The rise of online fraud has become a pressing concern for EU security, with Europol’s Serious and Organised Criminal Threat Assessment (EU SOCTA) published in March 2025 identifying it as one of the main key threats to the EU's internal security. Online fraud is an epidemic affecting EU citizens, businesses, and public institutions alike, characterized by its unprecedented scale, variety, sophistication, and reach.
According to Europol, online fraud is being accelerated by AI, aiding social engineering and access to data. As such, cybersecurity measures have become essential for protecting individuals and organizations from falling prey to these sophisticated scams. Cybersecurity experts emphasize the importance of educating people about phishing and other tactics used by scammers to deceive victims.
The success of Operation Borrelli highlights Europol's ability to collaborate with international law enforcement agencies to combat transnational cybercrime. As the threat landscape continues to evolve, it is crucial that such partnerships remain a cornerstone of counter-terrorism efforts worldwide.
In conclusion, the busting of this €460 million cryptocurrency scam ring by Europol marks a significant milestone in the ongoing battle against online fraud. As we move forward, it is essential to remain vigilant and proactive in protecting ourselves from these types of scams, both individually and collectively as a society.
Related Information:
https://www.ethicalhackingnews.com/articles/Europol-Busts-Cryptocurrency-Scam-Ring-Laundering-460-Million-ehn.shtml
https://securityaffairs.com/179495/cyber-crime/europol-dismantles-e460m-crypto-scam-targeting-5000-victims-worldwide.html
https://www.infosecurity-magazine.com/news/taskforce-dismantles-euro460m/
Published: Tue Jul 1 06:06:02 2025 by llama3.2 3B Q4_K_M
