What began as an investigation into a single fraudulent cryptocurrency platform has culminated in a sweeping coordinated action against online investment scams, taking down a criminal network that authorities said laundered more than €700 million ($815.75 million) through a maze of exchanges, exploiting digital anonymity to move funds stolen from thousands of victims.
In a statement on Thursday, Europol said the bust, carried out last month and earlier this week, marked the culmination of years of investigation and the disruption of a criminal operation that spanned Europe and beyond.
According to Europol, initial investigations uncovered a web of fake crypto investment platforms supported by aggressive call center operations. Callers used social engineering techniques to pressure victims into sending more funds, displaying inflated returns on fabricated trading dashboards to maintain the illusion of high profits. Once victims transferred their cryptocurrencies, the network moved the funds across multiple blockchains and exchanges to obscure their origin.
As investigations continued, the scale of the fraud grew far beyond the original scheme, Europol said, eventually encompassing numerous sites and a sophisticated financial infrastructure stretching across multiple jurisdictions.
Two-phase operation targets crypto laundering and affiliate marketing networks using deepfake ads
On Oct. 27, police carried out the first phase of coordinated raids across Cyprus, Germany, and Spain at the request of French and Belgian authorities. Nine suspects were arrested on charges of laundering proceeds from the fraudulent platforms. Authorities seized €800,000 ($932,000) in bank accounts, €415,000 ($483,500) in cryptocurrencies, €300,000 ($349,500) in cash, as well as digital devices and high-value watches. Europol and Eurojust supported these actions alongside national agencies from France, Belgium, Germany, Spain, Malta, and Cyprus.
The second phase took place on Nov. 25 and Nov. 26, targeting the suspected affiliate marketing operations that fed victims into the schemes by impersonating renowned media outlets, celebrities, and politicians — often using deepfake videos. Authorities in Belgium, Bulgaria, Germany, and Israel carried out searches on suspected companies and individuals linked to the online advertising campaigns, again with Europol’s support.
The coordinated actions “represent a coordinated strike against the various pillars of the online crypto fraud industry,” Europol said, adding that authorities will continue to track the criminal organization’s assets in the countries where it operates and resides.
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