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Cryptocurrency fraud network dismantled by European authorities

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3 unique sources, 3 articles

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European law enforcement agencies have dismantled a cryptocurrency fraud network that stole over €600 million from victims across multiple countries. The fraudsters created fake cryptocurrency investment platforms promising high returns and recruited victims through social media, cold calling, and other methods. The stolen funds were laundered using blockchain tools. The coordinated operation took place between October 27 and 29 in Cyprus, Spain, Germany, France, and Belgium, resulting in the seizure of €800,000 in bank accounts, €415,000 in cryptocurrencies, €300,000 in cash, and a set of luxury watches worth €100,000. The investigation started in 2023, and the suspects face six charges, each with between five and 10 years in prison and between €1875 and €1m in fines. Several real estate properties are currently being appraised.

Timeline

  1. 04.11.2025 17:09 3 articles · 6d ago

    European authorities dismantle €600 million cryptocurrency fraud network

    The operation took place between October 27 and 29. The operation involved agencies from France, Belgium, Cyprus, Germany, and Spain. The criminal use of cryptocurrency and blockchain is becoming increasingly professionalized, sophisticated, and organized. Law enforcement, private sector partners, and academia are advancing their ability to counter the threats posed by sophisticated crypto-related crimes and money laundering.

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