European Operation Dismantles Crypto Fraud Network Laundering Over $815 Million
A European-wide operation successfully dismantled a crypto fraud network that stole and laundered over $815 million through fake investment platforms.
The criminals used aggressive call centers, deepfake-driven advertisements, and cross-chain laundering spanning multiple blockchains to execute their scheme.
The first wave of enforcement took place on October 27 in Cyprus, Germany, and Spain, resulting in nine arrests as well as the seizure of bank funds, crypto assets, cash, electronics, and luxury goods.
A second operation on November 25-26 targeted the affiliate-marketing infrastructure that supported the scheme, disrupting fraudulent ad campaigns and data-harvesting activities.
Investigators stated the scam had evolved into multiple platforms backed by sophisticated financial and advertising systems, and that authorities will continue tracing assets across Europe and beyond.
This bust was announced by Europol shortly after the takedown of a crypto-mixing service allegedly laundering more than $1.51 billion in Bitcoin.
