Fraud in Spain Reveals Money Laundering with Cryptocurrencies

An investigation in Spain uncovered an international cyber fraud network that used cryptocurrencies to launder money. The Civil Guard initiated the inquiries after a resident of Ponteareas reported being a victim of a fake online store while trying to buy pellets, without receiving the product or any response. The investigations revealed that the money transferred by the buyer was sent to a bank account in France, in the name of a 66-year-old French citizen, who accumulated nearly 2000 euros from victims in just 48 hours. The money was not kept in financial institutions for long, being immediately transferred to cryptocurrency exchanges to acquire crypto assets, thus making it difficult for authorities to trace. Six collaborators were identified in Spain, aged between 24 and 67, located in Madrid, Almería, Córdoba, and Cádiz. Although the account holder in France has been identified, no arrests have been confirmed nor the total amount stolen. This type of fraud involving digital asset platforms adds to other schemes detected by security forces in the country.

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