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 ran a slew of fake crypto-trading platforms that promised high returns through slick marketing campaigns, Europol announced on Thursday.
Victims, drawn in by “sophisticated” ads, were funneled into call centers where operators used social-engineering tactics to coax further deposits. Once funds were transferred, they were siphoned away and laundered through a maze of blockchains and exchanges.
The first wave of action on Oct. 27 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. A second sweep on Nov. 25-26 targeted the affiliate-marketing infrastructure that fed the scheme, disrupting the companies behind fraudulent ad campaigns and data-harvesting operations used to identify potential victims.
Investigators say the scheme evolved far beyond a single scam site, operating multiple fraudulent platforms supported by sophisticated financial and advertising infrastructure. With arrests made and key servers seized, authorities will continue tracing assets linked to the network across Europe and beyond.
The operation underscores how crypto-investment scams have scaled — and how deeply they depend on cross-border laundering, data exploitation and deceptive marketing to function.
Europol’s announcement of the bust comes only days after the law-enforcement agency revealed the takedown of a crypto-mixing service alleged to to have laundered more than $1.51 billion in bitcoin .