30.06.2025
2 min
566
Europol has announced the discovery of a large-scale cryptocurrency scam in which more than 5,000 people from around the world fell victim to investment fraud. The total amount of losses is more than 540 million $.
The operation, codenamed Borrelli, was carried out by the Spanish Guardia Civil in conjunction with the police of Estonia, France, the United States and under the coordination of Europol. Five suspects were detained on June 25, 2025 – three in the Canary Islands and two in Madrid. The fraudsters organized a global network of money transfers – via bank transfers, crypto transactions and cash, with the participation of fake individuals and shell companies registered in Hong Kong. The scheme was based on the technique of “romance fraud”, or “crypto baiting”, when attackers spend months gaining the trust of victims on social networks or dating platforms, and then force them to invest money in fake exchanges.
The story is part of a global surge in cryptocrime. In 2025, the U.S. Department of Justice filed a civil lawsuit to seize more than 225 million $ in cryptocurrency linked to fraud schemes in Vietnam and the Philippines. According to the United Nations and INTERPOL, artificial intelligence has only intensified these fraudulent practices, making it harder to detect fake identities and fake platforms.
In some regions — including Cambodia — people are being forcibly held in “scam centers” and forced to defraud others under threat. Amnesty International and governments warn of human trafficking, torture, and slave labor under the guise of high employment in the IT sector. Telegram channels have even advertised the possibility of renting bank accounts in the United States for money laundering, and Meta has already removed 7 million accounts linked to fraud.
Today’s crypto fraud schemes are not just online scams, but part of a transnational organised crime business spanning Africa, Asia, Europe and the Americas. The combination of technology, artificial intelligence and legal loopholes makes these schemes almost elusive for national justice systems. Europol warns that without a joint international response, the scale of the fraud will surpass traditional crime.
