In a major victory against organized cybercrime, authorities conducted a massive international police operation spanning over half a dozen countries.
This operation successfully dismantled a sophisticated cryptocurrency fraud and money laundering network.
According to Europol, this criminal enterprise tricked thousands of victims, with losses exceeding €700 million (approximately $750 million USD).
International takedown of crypto fraud network
After years of investigation, authorities carried out the crackdown in two coordinated phases last month and earlier this week.
These actions effectively crippled a complex financial infrastructure operating across Europe and beyond.
What began as an investigation into one suspicious cryptocurrency platform soon expanded, and investigators uncovered a vast criminal enterprise.
The syndicate operated a large network of fake crypto investment sites.
They promoted these sites through sophisticated ads using forged celebrity and political endorsements, including deepfakes.
Meanwhile, organized criminal call centres then pressured victims to invest.
The callers employed social engineering tactics and displayed fabricated returns on fake trading dashboards to encourage victims to continue depositing money.
Once victims had sent funds, the syndicate immediately laundered the crypto through a complex web of blockchains and exchanges.
This process created a digital “labyrinth” that hid the money’s origins, and investigators estimate the group laundered over €700 million through this operation.
Countries involved
The first major blow came on the 27th of October 2025, when French and Belgian authorities launched coordinated raids across Cyprus, Germany, and Spain.
As a result, nine suspects tied to the laundering infrastructure were arrested. During the operation, investigators seized €800,000 in bank accounts, €415,000 in crypto, €300,000 in cash, along with digital devices and luxury watches.
This effort was supported by law enforcement teams from France, Belgium, Germany, Spain, Malta, Cyprus, and several other countries, with Europol and Eurojust playing a crucial role in coordination.
Next, the authorities targeted the core engine of the scams: affiliate marketing networks.
Authorities in Belgium, Bulgaria, Germany, and Israel focused on companies and individuals running fraudulent social‑media ad campaigns designed to harvest victim data.
By searching these firms and taking action against those supplying marketing services, investigators disrupted the fraud network and effectively cut off its pipeline of new victims.
Europol again played a critical role, providing strategic planning, intelligence sharing, and logistical support.
The agency also deployed on-site specialists, including a cryptocurrency expert, to help trace and seize illicit funds.
After the arrests and seizures, authorities confirmed they will continue pursuing the group’s remaining assets across all affected countries.
Together, the October and November operations represent a breakthrough in the global fight against organized online financial crime.
What’s ahead?
This followed the London sentencing of Qian Zhimin to nearly 12 years for laundering billions in stolen Bitcoin.
In the first half of 2025 alone, hacks and scams inflicted investor losses of more than $2.47 billion. This figure already exceeds the total losses recorded throughout all of 2024.
The surge highlights how quickly criminals are evolving. They are launching more “rug pull” schemes and using AI‑driven deepfake scams, both of which sharply magnify the damage.
Even though justice was served in Qian’s case, authorities now face a mounting challenge. Crypto fraud is becoming increasingly sophisticated, high‑value, and harder to contain.
Final Thoughts
- The crackdown delivers a major blow to a crypto fraud syndicate, proving coordinated global action can dismantle large-scale digital crime.
- Yet the investigation shows how deeply rooted these operations are, spanning call centres, deepfake ads, and global data harvesting.
Source: https://ambcrypto.com/e700m-crypto-scam-exposed-inside-the-multi-country-sting/
