A coordinated international operation has taken down a cryptocurrency money laundering network accused of defrauding investors of over €600 million.
- Nine people were arrested in Cyprus, Spain, and Germany for running a €600 million crypto scam.
- Eurojust coordinated the multinational operation with agencies from five EU countries.
- Over €1.5 million in assets were seized, including crypto, cash, and bank funds.
The synchronized arrests took place between October 27 and 29 in Cyprus, Spain, and Germany, following an extensive probe led by Eurojust, the European Union’s judicial cooperation hub.
The criminal group allegedly built dozens of fake crypto investment websites that appeared legitimate. Victims were attracted through a combination of social media ads, cold calls, fabricated news coverage, and fake celebrity endorsements. Once users transferred funds, they were locked out of their accounts as the money disappeared through blockchain-based laundering methods designed to hide its trail.
Eurojust Coordinates Five-Nation Operation
To dismantle the network, Eurojust organized a joint investigation team between France and Belgium, later expanding the effort to include Cyprus, Spain, and Germany. The agency brought together prosecutors and investigators from all five countries to plan simultaneous raids across Europe.
During the coordinated actions, authorities arrested nine suspects at their homes and seized assets worth over €1.5 million, including €800,000 in bank accounts, €415,000 in crypto, and €300,000 in cash.
Hundreds of Victims Across Europe
The investigation began after multiple victims reported losing access to their funds on fake trading platforms. The Paris Prosecutor’s Office revealed that the operation, initiated in 2023, identified hundreds of victims from France and other parts of Europe who were convinced to deposit money into the fraudulent schemes.
Agencies involved included France’s Gendarmerie cyber unit, Belgium’s Federal Judicial Police Limburg, Cyprus’s MOKAS, Germany’s Cologne Prosecutor’s Office, and Spain’s Mossos d’Esquadra and Policía Nacional.
Growing Concern Over Crypto Crime
Europol has highlighted the increasing sophistication and organization of crypto-related crime, noting that criminals are leveraging advanced blockchain tools to hide illicit transactions. The agency emphasized that the “borderless nature” of cryptocurrency requires equally coordinated international responses.
Enhanced cooperation between law enforcement, private industry, and research institutions is helping to expose complex laundering schemes and bring perpetrators to justice.
A Model for Future Operations
This latest takedown showcases how international coordination can effectively combat large-scale crypto fraud. With the growing global integration of digital assets, Eurojust and Europol continue to stress the importance of cross-border collaboration to prevent criminals from exploiting gaps in jurisdictional oversight.
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