Europol Authorities Crack Down On Massive European Crypto Scam Network
Europol sweep shuts down a large crypto fraud network that stole and laundered more than EUR 700 million.
Authorities across Europe joined forces to take apart a massive crypto fraud ring that stole and laundered more than EUR 700 million.
The operation ended years of work from police teams, analysts and cyber specialists who tracked the group across several countries and online systems.
Their joint effort removed fake investment sites, seized funds and stopped the support teams that kept the scheme alive.
Inside the Crypto Fraud Network and its Growth
The case started with one fake trading site. Investigators soon learned that the setup stretched far beyond a single page on the internet. The group behind it ran a long list of fake crypto platforms that looked polished and sounded convincing.
These sites promised victims high returns and used eye catching design, clean dashboards and charts that made everything look real.
Victims often reached the sites through online ads and some ads even copied the names of known media outlets, public figures or political leaders. Some even used deepfake clips to draw in viewers.
Once someone clicked an ad, the system collected their details. That information moved to call centres where staff reached out again and again. Callers pushed victims to invest more and used fake numbers on the trading screens to show pretend gains.
It didn’t stop here.
The funds that victims sent to the sites did not stay there. The group moved the money across several blockchains, exchanges and wallets. This mix of digital paths helped them hide the trail.
Over time, investigators saw that the group had built a large setup with many parts. It included fake ads, call centers, crypto channels and a network of shell companies.
First Phase of Raids Across Europe
Authorities acted on 27 October after years of work. Police teams ran coordinated raids in Cyprus, Germany and Spain. These actions came after requests from France and Belgium, where many complaints had been filed.
Nine suspects were arrested and police also secured a wide range of assets. These EUR 800 000 in bank accounts, EUR 415 000 in crypto, EUR 300 000 in cash, Digital devices and more.
These items gave investigators fresh clues as devices contained logs, account lists and wallet information. Bank records also helped teams track the flow of funds through different branches of the group.
Second Phase Targets Ad and Data Systems
A second round of action took place on 25 and 26 November. This phase focused on the marketing side of the fraud ring.
Many online scams rely on a steady stream of new victims, so the ads and data tools that gather contacts are an important part of the setup.
Police teams in Belgium, Bulgaria, Germany and Israel searched offices linked to companies that supported these ads. Many of these firms had supplied services that pushed false claims on social media.
Some even used automated systems to spread false stories. Others gathered user data that later ended up in the hands of call centre staff.
These actions removed the tools used to find and target victims. Without this supply chain, the group lost its reach and could not rebuild its victim lists.
Related Reading: Crypto News: Pig-Butchering Scams Are Now A Matter Of National Security – Chainalysis
Large-Scale Laundering System Taken Down
The joint actions in October and November delivered a major blow to the entire setup.
The laundering side of the network had moved more than EUR 700 million through a maze of exchanges. Many transfers used small amounts split across many wallets and this made the trail harder to follow.
Even so, analysts used data from seized devices and exchange logs to tie transfers to the group.
The post Europol Authorities Crack Down On Massive European Crypto Scam Network appeared first on Live Bitcoin News.
You May Also Like
US Prosecutors Seek 12-Year Prison for Do Kwon Over Terra Collapse
Highlights: US prosecutors requested a 12-year prison sentence for Do Kwon after the Terra collapse. Terraform’s $40 billion downfall caused huge losses and sparked a long downturn in crypto markets. Do Kwon will face sentencing on December 11 and must give up $19 million in earnings. US prosecutors have asked a judge to give Do Kwon, Terraform Labs co-founder, a 12-year prison sentence for his role in the remarkable $40 billion collapse of the Terra and Luna tokens. The request also seeks to finalize taking away Kwon’s criminal earnings. The court filing came in New York’s Southern District on Thursday. This is about four months after Kwon admitted guilt on two charges: wire fraud and conspiracy to defraud. Prosecutors said Kwon caused more losses than Samuel Bankman-Fried, Alexander Mashinsky, and Karl Sebastian Greenwood combined. U.S. prosecutors have asked a New York federal judge to sentence Terraform Labs co-founder Do Kwon to 12 years in prison, calling his role in the 2022 TerraUSD collapse a “colossal” fraud that triggered broader crypto-market failures, including the downfall of FTX. Sentencing is… — Wu Blockchain (@WuBlockchain) December 5, 2025 Terraform Collapse Shakes Crypto Market Authorities explained that Terraform’s collapse affected the entire crypto market. They said it helped trigger what is now called the ‘Crypto Winter.’ The filing stressed that Kwon’s conduct harmed many investors and the broader crypto world. On Thursday, prosecutors said Kwon must give up just over $19 million. They added that they will not ask for any additional restitution. They said: “The cost and time associated with calculating each investor-victim’s loss, determining whether the victim has already been compensated through the pending bankruptcy, and then paying out a percentage of the victim’s losses, will delay payment and diminish the amount of money ultimately paid to victims.” Authorities will sentence Do Kwon on December 11. They charged him in March 2023 with multiple crimes, including securities fraud, market manipulation, money laundering, and wire fraud. All connections are tied to his role at Terraform. After Terra fell in 2022, authorities lost track of Kwon until they arrested him in Montenegro on unrelated charges and sent him to the U.S. Do Kwon’s Legal Case and Sentencing In April last year, a jury ruled that both Terraform and Kwon committed civil fraud. They found the company and its co-founder misled investors about how the business operated and its finances. Jay Clayton, U.S. Attorney for the Southern District of New York, submitted the sentencing request in November. TERRA STATEMENT: “We are very disappointed with the verdict, which we do not believe is supported by the evidence. We continue to maintain that the SEC does not have the legal authority to bring this case at all, and we are carefully weighing our options and next steps.” — Zack Guzmán (@zGuz) April 5, 2024 The news of Kwon’s sentencing caused Terraform’s token, LUNA, to jump over 40% in one day, from $0.07 to $0.10. Still, this rise remains small compared to its all-time high of more than $19, which the ecosystem reached before collapsing in May 2022. In a November court filing, Do Kwon’s lawyers asked for a maximum five-year sentence. They argued for a shorter term partly because he could face up to 40 years in prison in South Korea, where prosecutors are also pursuing a case against him. The legal team added that even if Kwon serves time in the U.S., he would not be released freely. He would be moved from prison to an immigration detention center and then sent to Seoul to face pretrial detention for his South Korea charges. eToro Platform Best Crypto Exchange Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users 9.9 Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
Cashing In On University Patents Means Giving Up On Our Innovation Future
