International Operation Breaks Up EUR 700 Million Crypto Fraud and Laundering Network
Published
Key Takeaways
- Cross-border fraud: The operation exposed multiple linked cryptocurrency platforms supported by call centres and advertising.
- Laundering infrastructure: Over EUR 700M moved through exchanges designed to obscure financial flows.
- Coordinated international action: Raids in several countries led to arrests, asset seizures, and the disruption of the recruitment network.
Europol has coordinated a wide-ranging international effort that disrupted a criminal network responsible for running fraudulent cryptocurrency platforms and laundering more than EUR 700 million.
Investigators say the case began with a single platform but expanded as evidence revealed a network of linked sites promising high returns to victims. Criminal call centres contacted users, directing them to fake dashboards that displayed manipulated profits.Â
Once payments were made, cryptocurrency was moved through several blockchains and exchanges, forming a financial structure to obscure the origin of the funds.
Raids on Laundering Channels and Advertising Pipelines
Coordinated actions on 27 October in Cyprus, Germany and Spain resulted in nine arrest and seizures that included bank funds, cryptocurrency, cash, digital devices and high-value items. Authorities describe these searches as the first major step in dismantling the laundering channels connected to the fraudulent platforms.
Further actions on 25 and 26 November focused on the affiliate marketing networks that attracted victims into the scheme.Â
Law enforcement teams in Belgium, Bulgaria, Germany and Israel carried out searches related to deceptive advertising campaigns, including manipulated content that impersonated public figures to attract investors.
Europol supported the investigation with operational assistance, intelligence and on-site specialists, including a cryptocurrency analyst to identify and trace funds.
The operation involved coordinated support from authorities in Belgium, Bulgaria, Cyprus, France, Germany, Israel, Malta and Spain, whose combined efforts helped bring the network’s infrastructure down.
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