Despite it being the year 2025 and with all our technology at hand, financial scams are still far too common. Thankfully, authorities everywhere are on the case, as evidenced by a European operation that busted 9 conmen who scammed victims out of $689 million in cryptocurrency.
The investigative work was performed by French and Belgian authorities, who then joined prosecutors and judges from their home countries, along with Cyprus, Spain, and Germany, for a joint takedown. The arrests were made at various homes in Cyprus, Spain, and Germany.
Along with the miscreants, the authorities seized $918,504 (€800,000) in bank accounts, €415,000 ($476,444) in cryptocurrencies, $344,417 (€300,00) in cash, and even luxury watches to the tune of $114,805 (€100,00). Additionally, the authorities said that several properties linked to the network are undergoing investigation.
The potential rap sheet for the criminals includes organized fraud, money laundering, offering unlicensed investment services, and participation in a criminal association. Under French law, these offenses may be met with up to 10 years in prison and up to $1.15 million (€1 million) in fines. The thieves created multiple fake cryptocurrency investment platforms promising high returns, and dragged in victims using "various means" including social media and cold calling.
After the victims transferred their cryptocurrency, it was unrecoverable, syphoned away, and laundered via various blockchain tools. The bust occurred on October 27 and 29 and was coordinated by Eurojust, the Hague-based European Union judicial cooperation agency. The investigation goes back to 2023, when French authorities received multiple complains from scammed victims.
As an EU resident, I can personally attest that crypto and fake work scams are all the rage right now. I once got an amusing call from someone from The Blockchain (yes, really) that I entertained for a minute before going back to sleep. Every couple of days, I get a nicely-formatted phishing email from a fake exchange that looks pretty legit, save for the sender. Sometimes these imitate real exchanges, too. Thankfully, the ongoing European MiCA regulation/certification should help investors in verifying that their prospective exchange is listed and certified for some peace of mind.
Just today, Eurojust announced another huge bust, of 18 people, this time related to $344 million (€300 million) worth of credit card fraud. Last June, Europol busted a cryptocurrency investment fraud ring that took in €450 million ($517 million) and laundered it through various methods worldwide, including cash withdrawals, bank transfers, and crypto transfers.
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