European Police Take Down Major Crypto Fraud Networks
European law enforcement is continuing its push against crypto-related crime, shutting down large networks that used fake trading websites and aggressive marketing to scam victims across the continent.
A major coordinated crackdown
On Oct. 27, police carried out coordinated raids in Cyprus, Germany, and Spain after requests from France and Belgium. Officers seized a huge amount of assets, including:
- €800,000 from bank accounts
- €415,000 in cryptocurrency
- €300,000 in cash
- Digital devices with account and wallet data
Nine suspects were arrested.
This operation followed another major action where Europol and police in Germany and Switzerland dismantled a large European bitcoin mixing service believed to support criminal activity.
It all started with one fake trading site
Investigators say the case began with a single fraudulent trading website. But as they dug deeper, they uncovered a huge network of fake cryptocurrency platforms, all designed to look professional and trustworthy.
These scam sites promised big profits and used polished dashboards, charts, and investor tools to trick people into believing the platforms were real.
Victims usually discovered these websites through online ads—some of which copied the identities of well-known media outlets, public figures, and political leaders. In some cases, scammers even used deepfake videos.
Once victims clicked the ads, their information was collected and sent to call centers. Staff from these call centers repeatedly called them, pressuring them to deposit more money. Fake trading screens then showed false profits to keep victims engaged.
A full system for stealing and hiding money
Authorities say the network had everything:
- Fake ads
- Call centers
- Crypto channels
- Shell companies
- Multiple fake trading platforms
Money sent by victims was quickly moved across different blockchains and exchanges to hide the trail. Investigators say the group laundered over €700 million using small transfers spread across countless wallets.
Second wave of raids hits the marketing machine
A second round of operations took place on Nov. 25 and 26. Police teams in Belgium, Bulgaria, Germany, and Israel raided offices linked to companies that allegedly ran the scam’s marketing and advertising.
These firms reportedly:
- Distributed misleading ads
- Used automated tools to push fake content
- Collected user data for the scam’s call centers
By taking down these services, police removed the tools the scammers used to find and target new victims.
Years of work behind the scenes
Authorities say this crackdown was the result of years of coordinated investigations, involving cyber experts, analysts, and police from multiple countries. Seized documents, devices, and bank logs helped investigators trace money flows and link them back to the organization.
