Crypto Fraud Network Dismantled

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Crypto Fraud Network Laundering €700M Taken Down in International Operation

International law enforcement agencies have successfully dismantled a large-scale cryptocurrency fraud and money laundering network responsible for laundering over €700 million (approximately $760 million USD).

Key Details:

Operation Scope: The coordinated disruption spanned multiple countries, including France, Belgium, Germany, Spain, Malta, and Cyprus, with support from Europol and Eurojust.

The Scheme: The criminal network operated numerous fake cryptocurrency investment platforms, luring thousands of victims with sophisticated advertisements promising high returns. The stolen crypto funds were then laundered across various blockchains and exchanges.

The Takedown: The final actions, carried out recently, marked the culmination of years of investigation. Authorities made multiple arrests and seized millions of euros in assets, including cash, bank account funds, cryptocurrencies, digital devices, and high-value watches.

Second Phase: A second phase of the operation is targeting the affiliate marketing infrastructure used to promote the fraudulent campaigns, which often involved deceptive advertisements impersonating renowned figures using deepfake videos.