An extensive crypto investment fraud network that stole and laundered more than €700 million ($815 million) has been dismantled following coordinated raids across Europe.
The criminal group ran a series of fake cryptocurrency trading platforms that promised high returns through clever marketing campaigns, Europol announced on Thursday.
Victims, attracted by “sophisticated” ads, were funneled to call centers where operators used social engineering tactics to get more deposits. Once the funds were transferred, they were siphoned and laundered through a maze of blockchains and exchanges.
The first wave of actions on October 27 included coordinated raids in Cyprus, Germany and Spain, resulting in nine arrests and the seizure of bank funds, crypto assets, cash, electronics and luxury items. A second raid, conducted on November 25 and 26, targeted the affiliate marketing infrastructure that fueled the scheme, disrupting the companies behind fraudulent advertising campaigns and data collection operations used to identify potential victims.
Investigators say the scheme evolved far beyond a single scam site, operating multiple fraudulent platforms backed by sophisticated financial and advertising infrastructure. Following arrests and seizure of key servers, authorities will continue to track assets linked to the network across Europe and beyond.
The operation underlines how crypto investment scams have increased and how deeply they rely on cross-border laundering, data exploitation and deceptive marketing to function.
Europol’s announcement of the raid comes just days after the law enforcement agency revealed the downfall of a cryptocurrency mixing service that had allegedly laundered more than $1.51 billion worth of bitcoins. .
