European action targets major cryptocurrency investment scam
Authorities dismantled a cross-border cryptocurrency investment scam that defrauded victims in 23 countries, with Eurojust and Europol providing crucial support.
Eurojust has coordinated a large-scale operation to dismantle a cryptocurrency fraud scheme worth more than €100 million across Europe. The action, requested by Spanish and Portuguese authorities, resulted in the arrest of five suspects, including the alleged mastermind.
Victims from Germany, France, Italy, Spain and other countries were lured into false investment platforms promising high returns.
Investigations revealed that funds were funnelled mainly through Lithuanian bank accounts to launder the illicit proceeds. Victims were later asked to pay additional fees to recover their money, after which the fraudulent websites vanished, leaving many with severe losses.
The scheme has been running since 2018, affecting people in 23 countries.
Authorities in Spain, Portugal, Italy, Romania and Bulgaria conducted searches and froze bank accounts and financial assets. Eurojust backed a Spain-Lithuania investigation team, while Europol sent a cryptocurrency expert to support operations in Portugal.
The coordinated action also relied on European Arrest Warrants, Investigation Orders and freezing orders. National agencies and prosecutors across Europe united in one of the most significant efforts against cryptocurrency fraud.
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