A sprawling crypto-investment fraud network that stole and laundered more than 700 million euros ($815 million) has been dismantled following coordinated raids across Europe.
The criminal group operated a number of fake crypto-trading platforms that promised high returns through clever marketing campaigns, Europol announced on Thursday.
Victims, attracted by “sophisticated” ads, were sent to call centers where operators used social-engineering tactics to entice additional deposits. Once the funds were transferred, they were siphoned off and laundered through a maze of blockchains and exchanges.
The first wave of operations on 27 October saw coordinated raids in Cyprus, Germany and Spain, resulting in nine arrests and the seizure of bank funds, crypto-assets, cash, electronics and luxury goods. Another review on 25-26 November targeted the affiliate marketing infrastructure that fed the scheme, disrupting the companies behind fraudulent ad campaigns and data collection operations used to identify potential victims.
Investigators say the scheme has evolved far beyond a single scam website, operating multiple fraudulent platforms supported by sophisticated financial and advertising infrastructure. With the arrests and seizure of key servers, authorities will continue to track assets linked to the network across Europe and beyond.
The operation underscores how crypto-investment scams have scaled — and how deeply they rely on cross-border money laundering, data exploitation and deceptive marketing to operate.
Europol’s announcement of the bust comes just days after the law enforcement agency revealed the takedown of a crypto-mixing service alleged to have laundered more than $1.51 billion in bitcoin .
