European Authorities Nab Five in Massive €100M Crypto Fraud Ring

Law enforcement agencies across Europe have apprehended five individuals suspected of orchestrating an elaborate online investment fraud that defrauded over 100 victims of more than €100 million. The sophisticated scheme promised high returns on cryptocurrency investments, ultimately leading victims to lose substantial sums.

Key Takeaways

• Five arrests made in connection with a €100 million cryptocurrency investment fraud.

• The scam spanned 23 countries, targeting victims across Europe and beyond.

• Funds were laundered through Lithuania, with victims facing additional fees before the platform disappeared.

The Elaborate Scam Unveiled

Authorities conducted coordinated searches in Spain, Portugal, Italy, Romania, and Bulgaria, resulting in the arrest of five key suspects. Bank accounts and financial assets linked to the cybercrime network have been frozen. The primary perpetrator is accused of large-scale fraud and money laundering by operating an online investment platform for several years.

Victims were lured by promises of significant returns on various cryptocurrency investments. Once funds were deposited, they were transferred to Lithuanian bank accounts for laundering. When victims attempted to withdraw their investments, they were often subjected to additional fees, after which the fraudulent website would vanish.

International Cooperation and Scope

The investigation involved judicial and law enforcement agencies from Bulgaria, Italy, Lithuania, Portugal, Romania, and Spain. Eurojust, in collaboration with Europol, coordinated the international effort. The fraud had been active since at least 2018, impacting 23 different countries, either as locations for diverting proceeds or as bases for victims.

Broader Context of Online Fraud

This operation highlights a growing trend in online financial crime. According to the U.S. Federal Trade Commission (FTC), Americans lost a record $12.5 billion to fraud in 2024, with investment scams accounting for the highest losses at $5.7 billion. A significant portion of these losses, over $3 billion, originated from scams initiated online.

In related news, a recent social engineering attack on a Venus Protocol user, though initially successful, was thwarted by swift action and early detection, enabling the recovery of approximately $13 million. This incident involved attackers gaining system access via a compromised Zoom client and manipulating the user into authorizing fraudulent transactions. The Venus protocol's rapid response and community governance measures prevented the attackers from profiting and even resulted in a loss for them.

### Sources

• Eurojust Arrests 5 in €100M Cryptocurrency Investment Fraud Spanning 23 Countries, The Hacker News.