Nine people have been arrested in a coordinated international operation targeting a large cryptocurrency money laundering network that defrauded victims of more than €600 million. The operation was led by Eurojust, the EU’s judicial cooperation agency, which brought together investigators and prosecutors from France, Belgium, Cyprus, Spain and Germany.
Arrests and seizures
The coordinated actions took place on 27 and 29 October. Operations were managed from Eurojust’s headquarters in The Hague. Police carried out arrests and searches simultaneously in Cyprus, Spain and Germany, detaining nine suspects on suspicion of money laundering tied to fraudulent activity.
During the searches, authorities seized €800,000 in bank accounts, €415,000 in cryptocurrencies and €300,000 in cash.
A network built on fake investment platforms
The suspects are accused of creating dozens of fake cryptocurrency investment websites that appeared legitimate and promised high returns. They lured victims through social media ads, cold calls, fake news stories and fabricated celebrity endorsements. Once victims transferred funds to the platforms, they could no longer access or recover their money.
Authorities say the group used blockchain technology to launder the stolen cryptocurrency, cycling funds through various wallets and exchanges to conceal their origins. The total amount laundered is estimated at around €600 million.
