Asger Risom
Police across five European countries, including Romania, have dismantled a criminal network that scammed victims out of more than €100 million through a cryptocurrency fraud scheme.
Police across five European countries have dismantled a criminal network that scammed victims out of more than €100 million through a cryptocurrency fraud scheme.
Raids Across Europe
Authorities launched simultaneous raids in Spain, Portugal, Lithuania, Bulgaria, and Romania. The coordinated operation led to arrests, asset seizures, and the freezing of bank accounts linked to the fraud.
Five Suspects in Custody
Five individuals were arrested, including the alleged leader of the network. Officials say the suspects were central to orchestrating the cross-border scam that targeted hundreds of unsuspecting investors.
Victims Across 23 Countries
The scheme deceived victims in 23 European nations. Many were persuaded to hand over savings in hopes of high returns, only to discover their money had been siphoned into fraudulent accounts.
A Pyramid-Style Fraud
The operation was structured as a pyramid scheme. Criminals initially requested small sums for “crypto investments,” later escalating amounts as trust grew, before eventually vanishing with the funds.
Cloned Investment Platforms
Fraudsters used legitimate-looking websites to trick investors. Once deposits were made, cloned versions of these platforms rerouted money into criminal-controlled accounts, making recovery nearly impossible.
Laundering the Proceeds
Funds were moved across multiple accounts to obscure the money trail. By the time the scheme collapsed, more than €100 million had been stolen and dispersed across different financial systems.
Sudden Disappearance
When the network decided the scam had reached its peak, it shut down all sites and communication channels overnight, leaving investors with no way to contact the operators.
Devastated Victims
Individual losses were significant. Some victims reported losing €20,000 to €30,000, with savings and pensions wiped out in what was marketed as a safe, modern investment opportunity.
International Law Enforcement Response
The large-scale operation involved close cooperation between European authorities, highlighting the increasing cross-border nature of cybercrime and fraud.
Warning Signs Ignored
Investigators revealed that promises of unusually high returns should have raised red flags. Many victims, lured by professional-looking platforms, missed early indicators of fraud.
A Growing Threat in Europe
The case adds to a series of cryptocurrency scams sweeping Europe. Authorities warn that cybercriminals are exploiting the booming digital asset market to target vulnerable investors.
This article is made and published by Asger Risom, which may have used AI in the preparation
