EU Arrests Nine in Connection with $689M Crypto Scam Network

Authorities have arrested nine individuals across Cyprus, Spain, Germany, France, and Belgium in a coordinated operation against a crypto money laundering scheme that defrauded victims of $689 million (€600 million). The investigation exposed a network that created numerous fraudulent crypto investment platforms, luring victims through social media and fake advertisements. The operation led to the freezing of $919,000 in bank accounts, $476,760 in cryptocurrency, and $344,652 in cash. Europol noted that criminal use of crypto is becoming more sophisticated, with reports indicating that losses from crypto scams reached $12.4 billion in 2024. Experts warn that such scams are increasingly complex, leveraging trust-building tactics to deceive victims and integrate illicit funds into legitimate channels. Eurojust, the agency involved in the operation, acknowledged the rising number of reported cases and emphasized the challenges faced by EU law enforcement in tackling these international crimes.

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