In a coordinated operation led by Eurojust and Europol, authorities from five European countries have arrested nine individuals involved in a massive cryptocurrency scam that defrauded victims of approximately €600 million (around $689 million).
The synchronized arrests occurred between October 27 and 29, 2025, in Cyprus, Spain, and Germany, with additional support from France and Belgium. The criminal network created dozens of fraudulent crypto investment websites that appeared legitimate, attracting victims through social media ads, cold calls, fabricated news coverage, and fake celebrity endorsements.
Once users transferred funds, they were locked out of their accounts, and the money was laundered using advanced blockchain-based methods to obscure its trail. During the raids, authorities seized over €1.5 million in assets, including €800,000 in bank accounts, €415,000 in cryptocurrency, and €300,000 in cash.
The investigation, initiated in 2023, identified hundreds of victims from France and other parts of Europe. Europol has highlighted the increasing sophistication of crypto-related crime, noting that criminals leverage blockchain tools to hide illicit transactions, and stressed the importance of cross-border collaboration to address such threats.
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