A vast network involved in crypto-investment fraud, responsible for stealing and laundering over 700 million euros ($815 million), has been shut down following synchronized raids across Europe.
This criminal organization operated numerous counterfeit crypto-trading platforms that promised high returns through polished marketing strategies, as Europol announced on Thursday.
Victims, lured by “sophisticated” advertisements, were directed to call centers where operators employed social-engineering tactics to persuade individuals to make additional deposits. Once the funds were transferred, they were quickly siphoned off and laundered through a complex network of blockchains and exchanges.
The initial phase of the operation on Oct. 27 involved coordinated raids in Cyprus, Germany, and Spain, resulting in nine arrests and the seizure of bank accounts, cryptocurrency, cash, electronics, and luxury items. A follow-up operation on Nov. 25-26 targeted the affiliate-marketing structure that supported the scheme, disrupting the companies behind fraudulent advertising campaigns and data-harvesting activities used to identify potential victims.
Investigators note that the scheme expanded well beyond a single scam website, operating multiple fraudulent platforms backed by advanced financial and advertising systems. With arrests made and essential servers seized, authorities will persist in tracing assets connected to the network across Europe and further afield.
This operation highlights the extensive scaling of crypto-investment scams and their reliance on cross-border laundering, data exploitation, and misleading marketing practices to operate effectively.
Europol’s announcement of this bust came just days after the law enforcement agency disclosed the dismantling of a crypto-mixing service allegedly involved in laundering over $1.51 billion in Bitcoin .
