A joint international operation has led to the arrest of nine individuals accused of laundering over €600 million through a vast cryptocurrency fraud scheme. The synchronised raids, conducted across Cyprus, Spain, and Germany, were supported by Eurojust, the EU’s judicial cooperation agency, which facilitated close collaboration among authorities in France, Belgium, Cyprus, Germany, and Spain.
According to investigators, the suspects operated an extensive network of fraudulent cryptocurrency investment platforms that mimicked legitimate trading websites. These fake platforms lured victims through aggressive social media campaigns, cold calls, fabricated news articles, and false endorsements from celebrities and supposed financial experts. Once victims transferred their funds, they were unable to recover them. The stolen assets were subsequently laundered using complex blockchain transactions, obscuring their origin.
The investigation began after numerous victims filed complaints across Europe. Eurojust coordinated the formation of a joint investigation team between France and Belgium, later extending cooperation to additional EU member states. This coordination enabled rapid information sharing and planning for the simultaneous takedown of the network.
The arrests took place between 27 and 29 October, with operational headquarters based at Eurojust’s premises in The Hague. In addition to the nine arrests, authorities seized approximately €800,000 in bank funds, €415,000 in cryptocurrencies, and €300,000 in cash.
Participating Authorities:
- France: Investigative Judge of the Court of Paris (JUNALCO – Cybercrime Unit); Gendarmerie Nationale – Cyber Unit
- Belgium: PPO Limburg; Investigating Judge, Court of 1st Instance Limburg; Federal Judicial Police Limburg
- Cyprus: Attorney General’s Office; MOKAS; Cyprus Police
- Germany: Public Prosecutor’s Office Cologne; Cologne Criminal Police
- Spain: PPO Barcelona – International Cooperation Section; Investigative Court No. 5, Vilanova i la Geltrú; Mossos d’Esquadra (Cybercrime Central Area); Policía Nacional (Cybercrime Central Unit and Provincial Brigades of Judicial Police in Barcelona and Oviedo)
This multinational effort underscores the growing cooperation among European authorities in combating large-scale financial crimes exploiting cryptocurrencies.
