💸 European police have dealt a powerful blow to an international network of crypto scammers, who, according to preliminary data, stole more than €600 million from investors worldwide. Nine suspects were arrested during a large-scale operation carried out on October 27 and 29 in Spain, Germany, and Cyprus, reports Eurojust.
How the scheme worked
The organizers created an entire network of fake investment platforms that appeared to be legitimate crypto services. Their websites had everything — attractive interfaces, dynamic charts, “reviews” from satisfied clients, and even fake licenses.
Scammers promised users high returns with minimal risk, invited them to “invest” in cryptocurrency or other assets, and then — classic scam — disappeared with the money.
Victims were found through social media, online advertising, and cold calls, disguised as financial advisors.
Especially cunning were the so-called “account managers” — “personal assistants” who communicated with clients for weeks, built trust, and persuaded them to invest increasingly larger sums. Some victims transferred tens or even hundreds of thousands of euros, believing their investments were growing.
Global operation and evidence
The investigation took several months and was the result of close cooperation between law enforcement from Germany, Spain, Cyprus, and the Netherlands, with support from Europol and Eurojust.
During searches, authorities seized:
- €800,000 in bank accounts,
- €415,000 in cryptocurrency,
€300,000 in cash, and dozens of computers, mobile phones, and electronic wallets.
Authorities believe the real scale of the scam could be significantly higher, as the platform operated for several years and had clients from dozens of European countries, including Poland, France, and Italy.
Digital fraud — a growing threat
According to Europol, since the beginning of 2024, the number of crypto scams in Europe has increased by almost 30%.
Scammers are becoming increasingly inventive: they forge licenses, buy influencer ads, and even use AI chatbots to “communicate” with clients instead of live operators.
Experts advise remembering a simple rule: if returns above 15% per year are promised with no risk — it’s not an investment, it’s bait.
Police continue their investigation, and the arrested suspects are, according to preliminary data, possibly linked to other large-scale crypto scams causing hundreds of millions of euros in damage worldwide.
⚠️ In the future, this case may serve as another reminder: in the crypto world, what matters most is not how much you earn, but where you store your money.
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