Fraudsters swindled European residents out of $689 million through fake crypto platforms
Date: 2025-11-06 Author: Gabriel Deangelo Categories: IN WORLD
Law enforcement agencies in Cyprus, Germany, and Spain, with the support of Eurojust, conducted a series of searches and arrests, uncovering an international fraud ring. Approximately €800,000 was seized from the suspects' bank accounts, with an additional €415,000 in cryptocurrency and €300,000 in cash confiscated. The investigation began after hundreds of victims filed complaints about the disappearance of funds invested in investment platforms promising high returns from trading digital assets.
The scheme's organizers created dozens of fake websites imitating well-known crypto exchanges and investment companies. To attract investors, the scammers posted ads on social media and called potential clients, convincing them to invest in "reliable projects." These platforms published fake news and fictitious reviews, purportedly written by popular traders and influential crypto market figures.
As soon as users transferred funds to the specified accounts, contact with platform representatives was lost, and the investments disappeared without a trace. Victims were unable to recover their assets, as the scammers carefully covered their tracks using cryptocurrency mixers and offshore banking structures.
According to investigators, the scam lasted for several years and affected a significant portion of Europe. Hundreds of people specializing in advertising, website creation, and payment processing may have been involved in the scheme. The losses incurred by the victims are estimated at $689 million.
Independent analyst and "blockchain detective" ZachXBT noted that the rising trend of crime in the crypto sphere is becoming alarming. He noted that in addition to online fraud, physical attacks against cryptocurrency owners have become more frequent in recent months. Criminals are tracking wealthy investors through public blockchain data and committing violent robberies.
The investigation is ongoing, and law enforcement agencies in several countries intend to strengthen international cooperation to prevent similar crimes in the future. Experts urge investors to check platform licenses and avoid offers with "guaranteed profits," as these promises often conceal fraudulent schemes.
