European authorities dismantle €600 million crypto scam network
In a major international operation, nine people suspected of running a cryptocurrency money-laundering network have been arrested across three countries. The network is believed to have scammed victims out of more than €600 million, according to Eurojust, the European Union’s judicial cooperation agency.
Authorities in France, Belgium, Cyprus, Germany, and Spain joined forces to take down the criminal group, which had been operating dozens of fake cryptocurrency investment platforms.
How the scam worked
Investigators say the group built dozens of fraudulent websites that mimicked legitimate crypto investment platforms. These sites lured victims with promises of high returns and appeared convincing thanks to slick marketing tactics — including social media ads, cold calls, fake news articles, and even bogus celebrity endorsements.
Once victims transferred money or cryptocurrency to these platforms, their funds were impossible to recover. The stolen crypto was then laundered through blockchain transactions, making it harder to trace. Authorities estimate the group successfully laundered about €600 million through these operations.
The investigation
The case began when multiple victims filed complaints, prompting authorities in several countries to launch a coordinated investigation. Eurojust played a key role in bringing the agencies together quickly and efficiently.
A joint investigation team (JIT) was established between France and Belgium, later expanding to include prosecutors and investigative judges from Cyprus, Spain, and Germany. The coordination meetings took place at Eurojust’s headquarters in The Hague, where officials mapped out a joint strategy to dismantle the network.
The operation
The synchronized raids took place on October 27th and 29th, resulting in nine arrests in Cyprus, Spain, and Germany.
Authorities also seized:
- €800,000 from bank accounts
- €415,000 worth of cryptocurrencies
- €300,000 in cash
The arrests and seizures mark a major step forward in efforts to combat organized crypto-related fraud in Europe.
Who was involved
The operation involved several national agencies and judicial authorities:
- France: Investigative Judge of the Paris Court (JUNALCO – National Jurisdiction Against Organized Crime) and the Gendarmerie Nationale Cyber Unit
- Belgium: PPO Limburg, Investigating Judge of the Court of First Instance in Limburg, and the Federal Judicial Police Limburg
- Cyprus: Attorney General’s Office, MOKAS (the Anti-Money Laundering Unit), and the Cyprus Police
- Germany: Public Prosecutor’s Office of Cologne and the Cologne Criminal Police
- Spain: PPO Barcelona (International Cooperation Section), Investigative Court No. 5 in Vilanova i la Geltrú, Mossos d’Esquadra (Cybercrime Central Area), and Policía Nacional (Cybercrime Central Unit and Barcelona and Oviedo Provincial Brigades of Judicial Police)
The arrests mark one of the largest coordinated crackdowns on crypto-related money laundering in Europe, highlighting growing cross-border cooperation to tackle financial crime in the digital era.
