Europol dismantles €700 million crypto fraud ring in coordinated international effort

An extensive, multi-national operation coordinated by Europol and Eurojust has successfully dismantled a massive criminal network responsible for running fake crypto-investment platforms and laundering over €700 million (approximately $815 million) in illicit funds.

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The action, which involved two major waves of raids and arrests across Europe and beyond, marks a significant strike against the highly organized and borderless nature of crypto-enabled financial crime.

The scam: Deception and social engineering

The criminal group operated numerous sophisticated, fraudulent cryptocurrency trading platforms that lured thousands of victims with promises of high returns. The operation was divided into two complex phases:

• Deceptive marketing: Victims were initially drawn in by polished, fraudulent online advertising, including deepfake campaigns impersonating celebrities and media outlets. This led them to the scam websites.

• Criminal call centers: Once victims registered, they were funneled into criminal call centers, where operators used relentless social-engineering tactics to pressure them into making larger and larger deposits by showing them inflated returns on fake trading dashboards.

Once funds were transferred, they were immediately siphoned away and laundered through a complex "labyrinth of cryptocurrency exchanges" and blockchains to obscure the trail.

Coordinated raids and seizures

The international response was executed in two major phases involving authorities from France, Belgium, Germany, Spain, Malta, Cyprus, Bulgaria, and Israel:

Phase 1 (October 2025)

Coordinated police raids across Cyprus, Germany, and Spain resulted in nine arrests suspected of laundering illicit funds. Authorities seized millions in assets, including €800,000 in bank accounts, €415,000 in cryptocurrencies, €300,000 in cash, and luxury watches and digital devices.

Phase 2 (November 2025)

This action targeted the crucial affiliate marketing infrastructure. That is the companies and suspects behind the fraudulent advertising campaigns that lured victims into the scheme. This phase sought to cripple the ecosystem that sustains such large-scale fraud.

Europol played a central role in providing operational and analytical support, crucial for tracing the complex flow of funds across decentralized digital ledgers.

The success of the operation underscores law enforcement's growing ability to collaborate across borders and effectively dismantle sophisticated criminal infrastructure.