$690 Million Crypto Scam Network Dismantled in Multi-Country Operation, Nine Suspects Arrested

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• Massive fraud: A coordinated operation led by Eurojust has dismantled a cryptocurrency scam network.
• Arrests made: Nine individuals suspected of running the sophisticated money laundering operation were arrested.
• International cooperation: Synchronized actions across three countries took down the ring responsible for defrauding victims of over €600 million.

Nine suspects were detained in connection with a vast cryptocurrency scam network that laundered over €600 million (roughly $690 million). Coordinated by Eurojust, the European Union's judicial cooperation agency, the actions took place on October 27 and 29 across Cyprus, Spain, and Germany. 

The operation is a significant blow to a sophisticated criminal enterprise that used fake investment platforms to defraud numerous victims.

Modus Operandi of the Scammers

The criminal group operated by creating dozens of fraudulent cryptocurrency investment platforms. These websites were designed to look legitimate and promised high returns to lure unsuspecting investors. 

Victims were recruited through various means, including social media advertisements, cold calling, fake news articles, and fabricated celebrity endorsements, the Eurojust press release said. 

Once victims transferred their crypto assets to these platforms, their funds were funneled into a complex crypto money laundering scheme using blockchain technology, making recovery impossible. 

The coordinated takedown resulted not only in nine arrests but also in the seizure of:

• EUR 800,000 in bank accounts, 
• EUR 415,000 in cryptocurrencies, 
• EUR 300,000 in cash.

Investigations began after authorities in several countries received numerous complaints from victims who lost their investments.

Eurojust's Role in Fighting International Cybercrime

The success of the Eurojust operation highlights the necessity of cross-border collaboration in tackling international cybercrime. The agency established a joint investigation team between French and Belgian authorities and facilitated cooperation among prosecutors and investigative judges from five countries. 

In other recent news, South Australian police arrested 55 more individuals in a new phase of Operation Ironside, which is related to AN0M app stings.

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