A major international crypto fraud center has been dismantled in Latvia.
Date: 2025-10-22 Author: Gabriel Deangelo Categories: IN WORLD
On October 17, a major special operation took place in the Latvian capital, during which 19 individuals were detained, including the alleged organizers of an international criminal group. Latvian law enforcement coordinated their efforts with their counterparts in Finland, France, Spain, and Sweden, which allowed them to quickly stop the fraudulent activities.
According to the preliminary investigation, the criminals had been creating fake pages and accounts on crypto exchanges and social media since 2020—more than 49 million fake profiles in total. These accounts were used for phishing attacks, defrauding users, and stealing cryptocurrency. The criminals' primary target was investors, lured to fictitious platforms with promises of quick profits.
Investigators note that the group actively used social engineering techniques. The scammers posed as relatives, bank representatives, and even law enforcement officers. In some cases, they resorted to threats and blackmail, coercing victims into transferring their funds to accounts under their control.
During searches, cash amounting to €550,000, digital assets worth approximately €450,000, as well as 25 cars and 29 real estate properties, were found and seized from the suspects. Investigators believe these assets were acquired with proceeds from criminal activity.
The investigation is ongoing, and law enforcement agencies in various countries are working to identify all participants in the scheme. Latvia and other EU countries are also investigating possible connections between the detainees and previously exposed international criminal networks specializing in cryptocurrency farms and online fraud.
Earlier, police recalled, an international operation led by Europol and US law enforcement dismantled the world's largest drug marketplace, Archetyp, which used the anonymous cryptocurrency Monero. Experts note that these new joint efforts by European and US law enforcement agencies demonstrate the growing effectiveness of the fight against cryptocurrency crime and international coordination.
Law enforcement officials emphasize that cryptocurrency-related cyber fraud is becoming increasingly sophisticated, and the number of victims is growing. Therefore, citizens are advised to exercise caution when investing in digital assets, verify sources of information, and distrust offers of "guaranteed profits" online.
