On September 23rd, according to AFP, European authorities have successfully cracked a large-scale cryptocurrency fraud case, which defrauded more than 100 victims of at least 100 million euros (about 118 million dollars).
The European Union's judicial cooperation agency Eurojust coordinated the operation, and police carried out raids in Spain, Portugal, Italy, Romania and Bulgaria, arresting five suspects, including the mastermind of the fraud.
It is reported that the scammers promised victims huge returns on cryptocurrency investments through professionally designed online platforms, and then transferred the funds to Lithuania to launder the money. When the victims tried to recover their investments, the scammers demanded additional fees, and the scam website disappeared, causing investors to lose most or all of their funds.
The scam has been ongoing since 2018 and involves 23 countries. The victims are mainly from European countries such as Germany, France, Italy and Spain. The main suspects face charges of large-scale fraud and money laundering.
Europe cracks 118 million dollar cryptocurrency fraud case, involving victims in 23 countries
2025-09-23 10:19:58
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