Europol takes down EUR700m crypto fraud network

An investigation into a single fraudulent cryptocurrency platform gradually unfolded into a complex, far-reaching operation, revealing a vast network of deceit and money laundering that was taken down in raids across a host of countries.

The criminal network operated numerous fake cryptocurrency investment platforms, luring thousands of victims with sophisticated advertisements promising high returns. The victims were then repeatedly contacted by criminal call centres, where callers used social engineering to pressure victims into making further payments by showing them inflated returns on fake trading platforms.

In October, police raids across Cyprus, Germany and Spain at the request of French and Belgian authorities led to the arrest of nine suspects and the seizure of EUR800,000 in banks accounts, EUR415,000 in crypto and EUR300,000 in cash.

A second phase of the police operation last month targeted the marketing infrastructure that supports the scams, with coordinated action taken against the companies and suspects behind fraudulent advertising campaigns on social media platforms.