Europol Busts €700M Crypto Fraud Network

In a major crackdown, Europol has dismantled a crypto fraud network that laundered more than €700 million using fake online investment platforms. This criminal network, operating across several European countries, promised high returns to unsuspecting investors while siphoning funds into cryptocurrency to obscure the money trail.

The operation involved multiple law enforcement agencies across the EU, highlighting the increasing focus on tackling financial crimes involving digital assets. Europol coordinated the action days that led to several arrests, house searches, and asset seizures, sending a strong signal to cybercriminals.

How the Scam Worked

The fraudsters created professional-looking websites offering bogus investment opportunities in crypto and forex markets. Victims were lured in through social media, cold calls, and email campaigns. After making initial deposits, they were shown fake profits to encourage larger investments.

However, the platforms were part of a well-organized scam. Once substantial sums were deposited, communication would suddenly stop, and the websites would disappear. These funds were then quickly converted into cryptocurrency and moved across various wallets to avoid detection.

According to Europol, more than 200 shell companies and dozens of crypto wallets were used in the laundering process.

Cross-Border Police Action Yields Results

The investigation spanned several countries including Germany, Bulgaria, Serbia, and Cyprus. Europol’s coordination led to:

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  15 arrests across different nations
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  Over 250 digital devices seized
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  €3 million in crypto and €2 million in fiat currency recovered
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  Dozens of bank accounts frozen

This bust is one of the largest crypto-related fraud investigations in Europe to date and shows growing capabilities among European police forces to track digital assets used in financial crime.