Europe’s Crypto asset Recruiters dismantle $100M Crypto Fraud Scheme across 23 Nations
A vast pan-European digital currency fraud operation valued at over €100M ($118M) has been dismantled, as reported by Eurojust. The scammers enticed investors via deceptive, sinister platforms, redirected their funds to accounts in Lithuania, and disappeared when withdrawal requests were made.
“The suspected leader is believed to be involved in extensive fraud and money laundering,” Eurojust stated in its announcement on Sept. 22.
My initial plan for early 2025 was to escape to Central Europe, what could possibly go wrong? Evidently, this is one of numerous things that could go awry.
The scam had been in operation since at least 2018 and had extended its reach to Germany, France, Italy, Spain, and beyond.
Europe Crypto Fraud: Who Played a Role in Its Downfall?
Five individuals were apprehended during coordinated operations in Spain, Portugal, Italy, Romania, and Bulgaria. The operation was orchestrated by Eurojust and Europol, working alongside local legal authorities and anti-corruption teams. Assets, including bank accounts associated with the scheme, were frozen across various jurisdictions.
Europol, which joined the investigation in 2020, dispatched a digital currency specialist to assist in seizing digital assets. This operation marks the largest collaborative takedown of crypto fraud in the history of the EU.
What Is Causing the Rise of Crypto Fraud in Europe?
Crypto fraud is advancing alongside market trends. Data from Glassnode indicates a nearly 20% year-over-year increase in Bitcoin digital wallet activity, a spike that offers new opportunities for scammers.
A recent report by the Global Initiative Against Transnational Organized Crime identified the Western Balkans as a significant center for laundering digital profits. Russia’s central bank logged over 1,000 crypto pyramid schemes within a six-month period.
Europol now estimates that trader losses from various fraud incidents have exceeded €460M since 2020.
What Implications Does This Have for Investors and Markets? How to Safeguard Against Scams
Investors need to stay cautious regarding polished presentations and “guaranteed” returns. While fraud undermines retail trust, it also compels regulators to strengthen regulations, and NO ONE wants to relive another Biden 2.0 experience.
Europe’s strategy indicates that there is a robust law enforcement response to scams, rather than mere warnings.
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Key Takeaways
- A significant pan-European cryptocurrency scam estimated at over €100 Mn ($118 Mn) has been dismantled, per Eurojust. Scammers deceived investors.
- While fraud undermines consumer confidence, it also encourages regulators to fortify frameworks, and NO ONE wants to endure another Biden 2.0 experience.
The article Europe’s Crypto Head Hunters Bring Down $100M Crypto Scam Operation in 23 Countries first appeared on 99Bitcoins.
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