International cryptocurrency fraud network taken down
A major international cryptocurrency fraud and money laundering network has been taken down in a cross-border operation, supported by Europol. The criminals laundered over €700 million through a labyrinth of cryptocurrency exchanges, exploiting digital anonymity to conceal illicit flows.
What began as an investigation into a single fraudulent cryptocurrency platform gradually unfolded into a complex, far-reaching two-phase operation.
- The criminal network operated numerous fake cryptocurrency investment platforms, luring thousands of victims with sophisticated advertisements promising high returns.
- The victims were then repeatedly contacted by criminal call centres, where callers used social engineering to pressure victims into making further payments by showing them inflated returns on fake trading platforms.
- Once victims had transferred their cryptocurrency, the funds were stolen and laundered across various blockchains and cryptocurrency exchanges.
Phase 1
On 27 October 2025 coordinated police raids took place across Cyprus, Germany and Spain at the request of French and Belgian authorities.
These initial actions led to the arrest of nine individuals suspected of laundering illicit funds generated by fraudulent cryptocurrency platforms. Authorities seized millions of euros in assets, including:
- €800,000 in bank accounts
- €415,000 in cryptocurrencies
- €300,000 in cash
- Digital devices
- High-value watches
The operation was carried out in close collaboration with national authorities from France, Belgium, Germany, Spain, Malta, Cyprus and other countries. Europol and Eurojust supported this first phase of the investigation.
Phase 2
On 25 and 26 November 2025 the focus was on the affiliate marketing infrastructure that supports these online scams. Coordinated actions were taken against the companies and suspects behind fraudulent advertising campaigns on social media platforms. In recent years, deceptive advertisements impersonating renowned media outlets, celebrities and politicians – often using deepfake videos – have posed a significant global challenge. The data of potential investors obtained through manipulated advertising, even on reputable platforms, is crucial to the functioning of the crypto-scam industry as a whole.
During the action days, law enforcement teams in Belgium, Bulgaria, Germany and Israel carried out searches and additional operational measures with Europol’s support. Targets included companies that had previously offered affiliate marketing services.
An ongoing operation
Following these two coordinated actions and multiple arrests and seizures, investigative authorities will continue to track the criminal organisation’s assets in the countries where it operates and resides.
EAST focusses on tackling cryptocurrency fraud through the EAST Expert Group on Payment and Transaction Fraud (EPTF)
