International Law Enforcement Dismantles Major Cryptocurrency Fraud Network

According to Odaily, international law enforcement agencies have dismantled a cryptocurrency fraud and money laundering network that laundered over 700 million euros (approximately 815.75 million dollars) through fake investment platforms. Authorities conducted two waves of coordinated raids in October and November, resulting in multiple arrests, the seizure of millions of dollars in assets, and the disruption of key marketing and money laundering infrastructure. The first raid took place on October 27 in Cyprus, Germany, and Spain, leading to the arrest of nine suspects accused of money laundering. Authorities seized 800,000 euros (approximately 932,000 dollars) from bank accounts, 415,000 euros (approximately 483,500 dollars) in cryptocurrency assets, 300,000 euros (approximately 349,500 dollars) in cash, and other high-value items. The second operation occurred from November 25 to 26, targeting affiliate marketing businesses that allegedly funneled victims into the fraudulent scheme. These businesses were suspected of impersonating well-known media outlets, celebrities, or politicians, often using deepfake videos. Authorities in Belgium, Bulgaria, Germany, and Israel searched companies and individuals suspected of involvement in online advertising activities.