TechFlow, September 23 — According to AFP, European authorities have successfully cracked a major cryptocurrency fraud case, in which the scam gang defrauded over 100 victims of at least 100 million euros (approximately 118 million US dollars).
The operation was coordinated by Eurojust, the European Union's judicial cooperation agency. Police conducted raids in Spain, Portugal, Italy, Romania, and Bulgaria, arresting five suspects including the ringleader.
The scammers used professionally designed online platforms to promise victims high returns on cryptocurrency investments, then transferred the funds to Lithuania for money laundering. When victims attempted to withdraw their investments, the scammers demanded additional fees before disappearing entirely, leaving investors with significant or total losses.
The fraud has been operating since 2018, affecting 23 countries, with victims primarily from European nations such as Germany, France, Italy, and Spain. The main suspect faces charges of large-scale fraud and money laundering.
