A vast cryptocurrency investment fraud ring that laundered over €460 million (approximately $540 million) from more than 5,000 victims across the globe through an international network of accomplices has been dismantled in Spain, Europol announced on Monday.

According to Europol, the operation was coordinated by Spanish authorities with assistance from law enforcement agencies in France, Estonia, and the United States. As part of the coordinated investigation, five individuals were arrested—three in the Canary Islands and two in Madrid.

Authorities report that the network used dozens of collaborators worldwide to collect funds through cash withdrawals, bank transfers, and cryptocurrency transactions. Investigators suspect the perpetrators had established a sophisticated corporate and banking network based in Hong Kong, leveraging payment systems and user accounts registered under various identities across multiple exchange platforms to receive, store, and transfer illicit funds.

Europol emphasized that the investigation remains ongoing.