9 arrested in Europe in operation against fake platforms for crypto investments

Summary

European authorities arrested nine people in a multinational takedown of a network that ran dozens of fake cryptocurrency investment websites promising high returns but stealing deposits and laundering funds, Eurojust said. The group allegedly recruited victims via social media ads, cold calls, fake news pieces and fabricated celebrity testimonials.

Arrests were made in Cyprus, Spain and Germany with assistance from French and Spanish authorities. French investigating judges issued arrest warrants for six individuals, and complaints to France’s organised-crime agency (JUNALCO) date back to 2023. Authorities estimate the network stole at least €600 million (around $690 million). Law enforcement seized about €1.5 million in cash and cryptocurrency and luxury watches valued at roughly €100,000.

Key Points

The operation targeted dozens of fraudulent crypto investment platforms that appeared legitimate but were scams.
Suspects lured victims through social-media ads, cold calls, fake news articles and bogus celebrity testimonials.
Arrests occurred in Cyprus, Spain and Germany, with coordination from French and Spanish authorities and Eurojust.
Estimated losses are at least €600 million (≈$690 million); smaller recent operations previously hit €100 million.
Authorities seized roughly €1.5 million in cash and crypto plus luxury watches worth about €100,000.
Funds were reportedly laundered using blockchain techniques, highlighting ongoing crypto-money-laundering methods.

Context and relevance

This case underlines a continuing trend: large-scale, cross-border crypto frauds that combine professional-looking websites with modern recruitment tactics (social media, paid ads, fake editorial content). It shows increased law-enforcement co‑operation across EU states and an emphasis on tracing and seizing crypto-linked proceeds.

For policy-makers, compliance teams and crypto firms, it reinforces the need for better investor education, tougher platform vetting and stronger anti‑money‑laundering tools that can follow funds across blockchains and jurisdictions.

Why should I read this

Short version: if you hold crypto, work in security, compliance or just want to know how these scams actually run — this is a useful, quick snapshot. Huge sums, slick websites and celebrity-style lies — and cops finally made arrests. It’s the kind of story that tells you what to watch out for next.

Author’s take

Punchy: Big theft, smart social engineering, and cross-border police work — pay attention if you want to avoid the next wave of copycat scams.

Source

Source: https://therecord.media/9-arrested-europe-crypto-platform-takedown