Crypto Operation Using Fake Investment Platforms Dismantled in Spain

A sophisticated transnational scheme has been uncovered. The criminal ring, operating from Madrid and Latvia, was disguised as a legitimate investment platform. They lured victims through online advertisements and fake websites, promising large profits from cryptocurrency investments.

Once contact was made, the criminals manipulated fake trading platforms designed to simulate profits, encouraging victims to invest larger sums. The platforms were entirely controlled by the fraudsters, and the displayed profits were not real. Unfortunately, victims could not recover their funds, which had already been funneled into the group’s complex laundering system.

The law enforcement operation, conducted on June 11, resulted in:

• Eight arrests (five in Spain and three in Latvia)
• 16 house searches (10 in Spain and six in Latvia)
• Seizure of computer equipment and communication devices
• Freezing of various bank accounts
• Confiscation of property assets and luxury vehicles

To read the complete article see: https://www.bitdefender.com/en-us/blog/hotforsecurity/fake-investment-platforms-spain