Police in Cyprus, Spain, and Germany have arrested nine individuals linked to a fraudulent cryptocurrency money laundering network that victimized more than 689 million USD (600 million euros ). The operation was coordinated by Eurojust, the EU's criminal justice agency, with the participation of France and Belgium.
This group operates dozens of fake cryptocurrency investment websites, using social media, calls, articles, and advertisements from “influencers” to lure victims with promises of high returns. Once the money is transferred, they wash it through multiple blockchain platforms. Authorities have seized over 1.7 million USD, including cash, cryptocurrency, and bank accounts. The investigation has expanded to five countries. Europol warns that cryptocurrency crime is becoming increasingly sophisticated, with over 53 billion USD in scams since 2023, mainly through psychological and emotional online tricks.
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