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

Authorities in Cyprus, Spain, Germany, France, and Belgium coordinated a police operation that led to the arrest of nine individuals involved in a crypto money laundering scheme which stole $689 million. The operation, facilitated by Europol and Eurojust, uncovered a network that operated numerous fraudulent crypto investment platforms. Victims were lured through social media and false advertisements, promising high returns. The network laundered $600 million via various blockchain platforms. Currently, authorities have only been able to freeze approximately $919,000 in bank accounts, $476,760 in cryptocurrency, and $344,652 in cash. With the rise in crypto-related scams totaling $12.4 billion in 2024, law enforcement faces a growing challenge in addressing increasingly sophisticated criminal activities in the crypto sector. Experts emphasize skepticism towards unsolicited investment advice and highlight that scammers often engineer trust to entice victims into transferring funds to fake trading platforms.

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