Cryptocurrency scams: €100 million, at the request of Spain and Portugal, Eurojust coordinated a major crackdown on a cryptocurrency investment fraud network operating across Europe since 2018.
During the Joint Action Day, five suspects were arrested, including the alleged ringleader who defrauded over 100 victims in Germany, France, Italy, and Spain.
Crypto Laundering Scheme Revealed
- Searches conducted in Spain, Portugal, Italy, Romania, and Bulgaria
- Bank accounts frozen and financial assets seized
- Main suspect charged with large-scale fraud and money laundering
- A Joint Investigation Team (JIT) was formed between Spain and Lithuania
Fraud Mechanism
The suspects lured investors with high-profit promises via fake crypto platforms.
When victims attempted to withdraw funds, they were charged extra “fees”, after which the websites disappeared.
Most of the money was routed to Lithuanian bank accounts for laundering through complex transactions.
€100M Crypto Scam Busted
| Country | Participating Authorities |
|---|---|
| Spain | Investigative Court No. 1 Audiencia Nacional, Anti-Corruption Prosecutor’s Office, National Police |
| Portugal | Lisbon Criminal Investigation Department & Prosecutor’s Office, Judicial Police |
| Bulgaria | Sofia Prosecutor’s Office, Plovdiv District Court |
| Italy | Turin Prosecutor’s Office, Financial Guard (Rome, Turin) |
| Lithuania | General Prosecutor’s Office, Financial Crime Investigation Service |
| Romania | DIICOT Prosecutor’s Office, Bucharest Court of Appeal, Organized Crime Police |
EU Faces Crypto Fraud
- Eurojust oversaw coordination, arrest warrants, and asset freezes
- Europol provided operational and crypto-analysis expertise
- The operation involved 23 countries, targeting both victims’ locations and money-laundering hubs
⚖️ Consequences and Outlook
If left unchecked, such crimes could lead to rising cybercrime, loss of investor confidence, and economic destabilization.
Continued cooperation among Eurojust, Europol, and national authorities is vital to safeguard Europe’s financial integrity.