Europe Dismantles €600 Million Crypto Fraud Network in Major Cross-Border Operation
Nine arrested across Cyprus, Spain, and Germany as investigators expose one of Europe’s largest cryptocurrency scams targeting hundreds of victims.
Authorities across Europe have taken down one of the continent’s largest cryptocurrency fraud and money-laundering rings, arresting nine people in a coordinated sweep across Cyprus, Spain, and Germany. Investigators say the network scammed hundreds of victims out of more than €600 million ($689 million) through a web of fake investment platforms.
According to Eurojust – LINK TO ARTICLE, the EU’s judicial cooperation agency, the suspects created dozens of bogus crypto websites that mimicked legitimate investment firms and promised unusually high returns. Victims were lured in through social media ads, cold calls, fake news stories, and fabricated celebrity endorsements. Once the money was sent, it was quickly laundered through complex blockchain transactions.
Searches carried out between October 27 and 30 uncovered €800,000 in bank accounts, €415,000 in cryptocurrencies, €300,000 in cash, and luxury watches worth more than €100,000. Investigators are also assessing several properties linked to the network.
French prosecutors said the suspects face charges of organized fraud, money laundering, providing unlicensed investment services, and participation in a criminal association. The offences carry sentences of up to ten years in prison and fines of up to €1 million.
The investigation began in 2023 after French authorities received a surge of complaints from defrauded investors. Eurojust said close cooperation between France, Belgium, Cyprus, Germany, and Spain was crucial to the swift takedown, underscoring the growing cross-border threat of cryptocurrency-related crime.
To view a more detailed report visit THIS LINK to the report by The Organised Crime And Corruption Reporting Project.
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