Major Crypto-Fraud Ring Uncovered by Europol

Key Takeaways

• The Operation: Europol and Eurojust dismantled a network that stole an estimated €600 million.
• The Method: Fake investment platforms, celebrity endorsements, and aggressive call centres.
• The Result: 9 arrests in Cyprus, Spain, and Germany; seizure of €800k in bank funds and €415k in crypto. 

European authorities have dismantled a massive cryptocurrency investment fraud network that stole an estimated €600 million from victims across the continent. The coordinated action, led jointly by Europol and Eurojust, involved operations between 27-29 October 2025, and resulted in nine arrests in Cyprus, Spain and Germany.

How did the fraud network operate?

The investigation uncovered an extensive criminal infrastructure responsible for running dozens of fake cryptocurrency-investment platforms. These platforms appeared professional and legitimate, offering unrealistically high returns to lure victims. To attract investors, the criminals relied on a variety of deceptive tactics, including social-media advertisements, cold calls, fabricated news articles and even fake celebrity endorsements.

What happened to the victims' funds?

Once victims transferred their money, they soon discovered they could not withdraw funds. The stolen money was then laundered through complex blockchain transactions designed to conceal its origin, making tracing extremely difficult. Authorities reported that hundreds of victims were located in France alone, with many more spread across Europe. During the raids, investigators seized approximately €800,000 from bank accounts, €415,000 in cryptocurrency wallets and an additional €300,000 in cash.

Why is cross-border cooperation vital?

The success of the operation highlights the importance of cross-border cooperation in combating international cyber-enabled crime. Agencies across several countries, including France and Belgium, supported the coordinated effort under the framework of Eurojust and Europol. The dismantling of the entire infrastructure, from websites and servers to bank accounts and crypto wallets, significantly disrupts the criminal network's ability to operate.

Organised crime groups increasingly using cryptocurrencies

Europol noted that organised crime groups are increasingly using cryptocurrencies to professionalise and scale their fraud schemes. This case underscores the growing sophistication of crypto-related scams and the need for both individuals and institutions to remain vigilant when dealing with online investment opportunities.