TL;DR:
- Chainalysis played a critical role in Operation Bonanza, an investigation led by the Spanish National Police. The action disrupted an international crypto Ponzi scheme that defrauded over 50,000 victims.
- Chainalysis provided advanced blockchain analytics and training, enabling authorities to trace, freeze, and recover $21 million in illicit crypto — a powerful example of how public-private partnerships can turn insight into to recoverable value.
- To date, Chainalysis has helped global partners seize and freeze over $12.6 billion worth of cryptocurrency. Together we can cut off financial crime at the source and build a safer, more transparent ecosystem.
In today’s crypto-activated financial landscape, the intrinsic traceability of blockchain is proving to be a powerful tool in the fight against financial crime. With the help of blockchain analytics, cryptocurrency not only allows law enforcement to follow the money, but also recover it. Chainalysis proudly works alongside agencies across the globe to turn insight into action.
Operation Bonanza — a major investigation led by the Spanish National Police (Policía Nacional) in collaboration with Chainalysis — is a standout example. The operation exposed a global Ponzi scheme that defrauded more than 50,000 victims, amassing over $500 million in cryptocurrency.
The investigation was initiated by the Economic and Fiscal Crimes Unit of the Spanish National Police, uncovering a complex web of shell companies and figureheads used to conceal the flow of funds. Between 2021 and 2023, Spanish authorities made critical strides — arresting six individuals, freezing over one hundred bank accounts, and seizing ten luxury vehicles valued at approximately $763,000 (€700,000).
Chainalysis joined the operation in May 2023, bringing advanced analytics and investigative support. Our tools helped track and freeze wallets associated with the Ponzi scheme, leading to the recovery of approximately $21 million (€19.4) worth of crypto assets held by entities connected to the fraud enterprise. Cooperation with international authorities, including counterparts in Seychelles — where the fraudulent investment platform was registered — was essential to the cross-border success of the operation. The seized funds were transferred to government-controlled wallets and are now under the jurisdiction of the Spanish National Court.
“Thanks to the critical support provided by Chainalysis, not only were we able to disrupt a major criminal enterprise, but also trace and recover a significant portion of the illicit funds. Operation Bonanza illustrates how advanced blockchain analytics and support is changing how we approach complex financial investigations.”
—Head of Investigation, Spanish National Police
This recovery speaks to a broader trend: seized cryptocurrency is more than just evidence — it is an asset. With the right tools and frameworks, law enforcement can disrupt illicit activity, return stolen funds to victims — and in certain jurisdictions, reinvest recovered value into future investigations. Chainalysis has helped partners seize and freeze over $12.6 billion in cryptocurrency to date, demonstrating the tangible and repeatable ROI of blockchain intelligence in modern policing.
As crypto crime continues to grow in complexity and scale, the success of Operation Bonanza is a case study in how law enforcement can help create a safer and more transparent financial ecosystem — by acting quickly, strategically, and collaboratively across borders and industries.
This website contains links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
This material is for informational purposes only, and is not intended to provide legal, tax, financial, or investment advice. Recipients should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with Recipient’s use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in this report and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.
The post Operation Bonanza: Chainalysis Helps Spanish National Police Recover $21 Million in Crypto During in Global Ponzi Scheme Investigation appeared first on Chainalysis.
