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European law enforcement agencies have taken down a sprawling crypto scam and money laundering operation that defrauded victims of more than €600 million, in one of the largest coordinated anti-fraud actions of its kind across the EU.
EU authorities dismantle €600m crypto scam
The investigation, led by Eurojust, the EU’s judicial cooperation agency, brought together prosecutors and investigators from France, Belgium, Spain, Germany and Cyprus.
Over a series of synchronised raids between 27 and 29 October, authorities arrested nine suspects and seized assets including €800,000 in bank accounts, €415,000 in cryptocurrencies, and €300,000 in cash.
According to Eurojust, the criminal network created dozens of fake cryptocurrency investment websites that mimicked legitimate trading platforms and lured victims with promises of high returns.
The fraudsters used a combination of fake news articles, celebrity endorsements, social media advertising, and cold-calling tactics to persuade individuals to invest. Once funds were transferred, victims were unable to withdraw their money.
The proceeds were subsequently laundered through blockchain networks to conceal their origins. Eurojust described the operation as a “highly organised transnational network” that exploited digital infrastructure to commit large-scale financial crime.
Coordinated International Response
The crackdown marks a significant demonstration of coordinated European action against online financial crime.
Eurojust established a joint investigation team between French and Belgian authorities, later expanding it to include counterparts from Cyprus, Spain and Germany.
The arrests and searches were coordinated from Eurojust’s headquarters in The Hague, ensuring rapid cross-border communication and asset seizure.
The investigation also coincides with a major US enforcement action in which authorities seized approximately $15 billion in Bitcoin linked to what prosecutors called one of the largest cryptocurrency fraud and human trafficking operations ever uncovered.
The two massive crypto scams, in separate jurisdictions underscores the growing international focus on crypto-related financial crime.
Experts Call for Stronger Enforcement Efforts
Silvija Krupena, Director of the Financial Intelligence Unit at RedCompass Labs, said the arrests highlight both the progress and the limitations of global enforcement efforts.
“This is a clear sign that the only way to fight global crime is through global action,” Krupena said.
“But it also highlights how industrial these operations have become. These are not one-off fraudsters; they are international businesses run by sophisticated networks that span borders and target victims at scale.”
Krupena noted that despite the arrests, only around €1.5 million in assets has been recovered — a tiny fraction of the total amount laundered.
“Real success lies in disrupting the money flows, shutting down enablers, and returning stolen funds to victims,” she said.
As digital assets become more mainstream, authorities across Europe are racing to strengthen their collective defences — not only to catch the perpetrators, but to stem the flow of illicit finance hidden within the crypto economy.
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