Europol Dismantles €460M Crypto Scam Targeting 5,000 Victims Worldwide
Europol has announced the successful dismantling of 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 help from law enforcement in Estonia, France, and the U.S.
Operation Borrelli: A Global Effort to Combat Crypto Scams
The operation involved a coordinated effort between Europol, the Spanish Guardia Civil, Estonian police, French authorities, and US law enforcement agencies. The goal was to disrupt the criminal network's activities and bring its leaders to justice.
How the Scammers Operated
The scammers used various tactics to lure victims into their trap. They would often approach potential victims through chats or dating apps, pretending to be a romantic interest. Once the victim was lured in, the scammer would then offer them an investment opportunity that seemed too good to be true.
However, what seemed like an attractive deal turned out to be a scam. The scammers would use fake platforms and promise unusually high returns on investments. They would also claim to have access to exclusive market information, which would lure the victims into investing more money.
The Scale of the Scam
According to Europol, the criminal network laundered around €460 million from over 5,000 victims worldwide. The scam was so sophisticated that it used complex transfers and global associates to move illicit funds through cash, bank, and crypto transactions.
The Corporate Network Behind the Scam
Europol alleges that the criminal network set up a corporate and banking network based in Hong Kong. This network allegedly used payment gateways and user accounts in different people's names and exchanges to receive, store, and transfer criminal funds.
The investigation is ongoing, but Europol suspects that the leaders of the criminal network used a "net of associates spread around the world" to carry out their fraudulent activities. They would raise funds through cash withdrawals, bank transfers, and crypto-transfers.
Online Fraud: A Growing Threat
Europol warns that online fraud is becoming an increasingly significant threat to EU security. The scale and sophistication of these scams are unprecedented and 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," reads the press release. "Online fraud is an epidemic affecting EU citizens, businesses, and public institutions alike."
"Europol expects online fraud to outpace other types of serious and organised crime as it is being accelerated by AI, aiding social engineering and access to data," concludes the press release.
What's Next?
The investigation is ongoing, but Europol has taken significant steps to dismantle the criminal network. Five members of the gang have been arrested, and law enforcement agencies performed 5 searches in Spain between the Canary Islands and Madrid.
This operation serves as a reminder that online scams can have devastating consequences for individuals and businesses alike. It's essential to remain vigilant and take necessary precautions to protect yourself from falling victim to these sophisticated scams.