Authorities across Europe have successfully dismantled one of the continent’s largest cryptocurrency fraud schemes, active since 2018, arresting five suspects across Spain, Portugal, Italy, Romania, and Bulgaria.
The operation defrauded investors of more than €100 million ($118 million) and affected Germany, France, Italy, Spain, and 18 other countries, leaving victims with significant losses and a complex web of stolen funds.
The perpetrators ran professionally designed crypto investment platforms, promising high returns to entice savers.
Victims were instructed to deposit funds into accounts, mainly routed through Lithuania, only to face additional fees when attempting withdrawals.
Once payments were made, the websites vanished, leaving investors empty-handed.
Eurojust described the suspected mastermind as “suspected of large-scale fraud and money laundering,” highlighting the extensive planning behind the operation.
The takedown involved coordinated raids in Spain, Portugal, Italy, Romania, and Bulgaria, resulting in the arrest of five suspects.
Authorities froze several bank accounts and assets linked to the scheme.
Eurojust facilitated a joint investigation team between Spain and Lithuania to streamline evidence sharing, while Europol contributed technical expertise, sending a cryptocurrency specialist to Portugal to track digital assets.
Source: Eurojust
European arrest and investigation orders were deployed to maintain momentum across jurisdictions, demonstrating how multi-country collaboration can tackle complex financial crimes.
Crypto-related scams have been rising alongside increased market activity.
Glassnode data shows Bitcoin wallet activity growing over 20% year-on-year, creating new opportunities for fraudsters.
A recent report by the Global Initiative Against Transnational Organized Crime identified the Western Balkans as a major hub for laundering digital funds.
Separately, Russia’s central bank reported over 1,000 pyramid schemes involving crypto within six months.
Europol estimates investor losses from separate crypto frauds at more than €460 million since 2020.
This operation follows a series of European efforts to curb cryptocurrency fraud.
In May, authorities dismantled an organised crime group that defrauded 100 investors of €3 million ($3.4 million), while in June, a joint European-US investigation recovered €460 million ($540 million) from over 5,000 victims.
Investment fraud remains the highest-grossing cybercrime type, generating nearly $6.6 billion globally in 2024 according to FBI estimates.
Experts note that scammers often exploit victims’ limited technical understanding and lure them with unrealistic promises of high returns, using AI tools to create convincing websites and investment accounts.
Coinlive notes that even with high-profile arrests, the persistence of multi-million euro scams highlights deep structural weaknesses in the European crypto market.
Fraudsters can exploit cross-border loopholes and operate undetected for years, putting everyday investors at risk.
This raises a pressing question: are existing regulations enough to separate legitimate projects from risky ventures?
As scams evolve faster than enforcement, the market may face a reckoning on whether true accountability and transparency can keep pace with rapid innovation.
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