Another crypto fraud gang busted in Europe: how it happened

The European agency Eurojust has announced the results of a major international operation that exposed a criminal network behind one of the largest cryptocurrency investment fraud schemes. GetBlock AML Research reveals details of the large-scale operation against crypto fraudsters.

The joint action took place simultaneously in several countries — France, Belgium, Cyprus, Germany, and Spain. During the operation, 9 arrests were made, 60 searches were conducted, and more than 1,5 million EUR in cash and crypto assets were seized. According to investigators’ estimates, the fraudsters managed to defraud people around the world of more than 600 million EUR.

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How the fraudsters operated

Between 2020 and 2023, the suspects created dozens of fake online platforms that looked like real websites for trading and investing in cryptocurrency. They used flashy advertising, fake reviews, and fictitious “recommendations” from famous people.

People were lured in with promises of guaranteed returns and minimal risk. The websites displayed graphs and “balances” with allegedly growing amounts in accounts to inspire confidence. After the victims transferred money, they were either prohibited from withdrawing funds or required to pay additional “taxes” or “fees.” After that, all communication with them ceased, and the websites disappeared.

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How stolen money was laundered

The investigation established that the stolen funds were quickly converted into stablecoins and passed through complex chains — unofficial exchangers, anonymous exchanges, and intermediaries. The cryptocurrency was then cashed out.

Scheme for laundering stolen cryptocurrency. Visualization: TRM Labs

This approach is similar to schemes called pig butchering and romance investment scams, where attackers use manipulation and deception rather than technical hacks. The scheme usually looks like this:

• scammers get to know their victims through messengers or dating sites;
• they convince them to invest in a “profitable” platform;
• they force them to invest more and more money until the person loses everything.

Investigators note that such crimes are among the most widespread and fastest-growing in the cryptocurrency sphere. According to various estimates, the total damage from such schemes reaches tens of billions of dollars, although most victims do not even report them to the police.

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How the investigation proceeded

The investigation began after numerous complaints from citizens of various European Union countries. It was coordinated by Eurojust, which set up a special Joint Investigation Team (JIT) between France and Belgium. Cyprus, Germany, and Spain later joined the case.

• In France, the investigation was conducted by the Cyber Unit of the National Gendarmerie and the Paris judicial authorities.
• In Belgium, it was conducted by the Federal Judicial Police.
• In Cyprus, it was conducted by the Attorney General’s Office, the MOKAS financial intelligence unit, and the national police.
• In Germany, it was conducted by the Public Prosecutor’s Office Cologne and the Cologne Criminal Police.
• In Spain, it was the Barcelona Public Prosecutor’s Office and the cybercrime units of the Catalan police and the National Police.

Eurojust organized simultaneous arrests and searches, ensured the exchange of evidence between countries, and helped establish cooperation with non-EU countries.

As a result of the operation, the following were seized:

• more than 800 000 EUR in bank accounts,
• 415 000 EUR in cryptocurrency,
• 300 000 EUR in cash,
• as well as computers, phones, and other equipment used in the fraudulent network.

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Why it matters

This operation showed that classic fraud schemes are now actively using digital technologies and cryptocurrencies, making them larger in scale and harder to track.

The operation also highlighted the importance of international cooperation, real-time data sharing, partnerships between the private sector and government agencies, and joint investigations between countries.