According to the European judicial authority Eurojust, European investigative authorities have uncovered a network of financial fraudsters. Nine people have been arrested on suspicion of cryptocurrency money laundering, it was announced today.
According to the information, the suspects defrauded victims of more than 600 million euros. They collected this sum for alleged investments in the form of cryptocurrencies – and then exchanged it for money.
Authorities in France, Belgium, Cyprus, Germany and Spain cooperated in the investigation. The suspects were arrested last week in Cyprus, Spain and Germany. At the same time, searches took place during which more than 1.5 million euros in money and cryptocurrencies were confiscated.
Wrong platforms
According to Eurojust, the gang members had created dozens of fake crypto investment platforms that looked like legitimate websites and promised high returns. The victims were lured on social networks and with fake news articles and false testimonials from celebrities or successful investors.