European law enforcement agencies dismantled a cross-border cryptocurrency fraud network that investigators say stole and laundered more than EUR 700 million. Authorities credited years of investigative work by police teams, analysts and cyber specialists who tracked the organisation across multiple countries and digital platforms.
The scheme began with a fraudulent trading website and expanded into numerous fake cryptocurrency platforms designed to appear legitimate, promising high returns and featuring professional dashboards and charts. Victims were typically directed to the sites via online advertisements—some mimicking established media, public figures or political leaders—and some allegedly using deepfake video clips. After interacting with ads, victims’ information was passed to call centres whose staff repeatedly encouraged additional investments while trading screens showed false gains.
Funds were moved across multiple blockchains, exchanges and wallets to obscure the money trail. The operation combined fake ads, call centres, crypto channels and a network of shell companies. Seized digital devices contained logs, account details and wallet data that helped investigators link transfers and identify infrastructure.
A coordinated law enforcement crackdown followed requests from France and Belgium. On Oct. 27, police carried out raids in Cyprus, Germany and Spain, arresting nine suspects and seizing assets including EUR 800,000 from bank accounts, EUR 415,000 in cryptocurrency and EUR 300,000 in cash, along with digital devices and other materials. Bank records and seized data provided additional investigative leads and helped trace fund movements through the organisation’s branches.
A second phase of actions on Nov. 25–26 targeted the network’s marketing infrastructure. Police teams in Belgium, Bulgaria, Germany and Israel searched offices tied to companies that allegedly supported the fraudulent advertisements. Several firms reportedly provided services to promote false claims on social media—some using automated systems—and collected user data that was passed to call centres. Those measures disrupted tools used to identify and target potential victims.
Europol said analysts used device data and exchange records to connect transfers and build the money-laundering picture. The operation follows other recent European actions against crypto-enabled crime, including a coordinated takedown of a major bitcoin mixing service.
