BleepingComputer reports that Europol has announced that five individuals allegedly involved in a $540 million cryptocurrency investment fraud scheme that has impacted over 5,000 victims were arrested as part of a Spain-led global law enforcement takedown that was conducted alongside U.S., Estonian, and French authorities.
Numerous associates worldwide have been enlisted by the crime network's leaders to support the money laundering activities of the fraud ring, according to Europol. "Investigators suspect the criminal organization of having set up a corporate and banking network based in Hong Kong, allegedly using payment gateways and user accounts in the names of different people and in different exchanges to receive, store and transfer criminal funds," said Europol, who also emphasized the growing use of more advanced artificial intelligence technologies in investment scams. Such a development comes weeks after the U.S. Justice Department's forfeiture of $225 million worth of cryptocurrency associated with investment fraud, which is the country's largest seizure of illicit cryptocurrency proceeds so far.
Numerous associates worldwide have been enlisted by the crime network's leaders to support the money laundering activities of the fraud ring, according to Europol. "Investigators suspect the criminal organization of having set up a corporate and banking network based in Hong Kong, allegedly using payment gateways and user accounts in the names of different people and in different exchanges to receive, store and transfer criminal funds," said Europol, who also emphasized the growing use of more advanced artificial intelligence technologies in investment scams. Such a development comes weeks after the U.S. Justice Department's forfeiture of $225 million worth of cryptocurrency associated with investment fraud, which is the country's largest seizure of illicit cryptocurrency proceeds so far.
