100 victims and €100M stolen: A large European crypto fraud network dismantled

Malicious minds never give up in the cryptosphere. Today, one network is dismantled, and tomorrow another forms in the shadows. There are those we see, and those who work silently, lurking behind screens, until authorities spot them. Despite the spotlight on this network with hundreds of victims, the crypto industry remains a moving target. Scammers always invent new schemes, fake portals, flashy promises, invisible banking circuits. This raid reveals once again that in the world of digital currencies, danger never sleeps.

Crypto illusion: when promises become mirages

In June, several arrests already followed kidnappings targeting French crypto figures. A chilling reminder, while other scammers bet everything on “pro” platforms and sleek interfaces. They sold dreams. They promised colossal returns. Naive investors injected euros converted into bitcoin or altcoins. When they requested withdrawal, “additional fees” were demanded, then the site disappeared.

Result: the user lost everything. This mechanism, worthy of a classic scam, was sadly well adapted to the crypto environment.

According to Eurojust, the network progressed since 2018 in 23 countries and affected more than 100 victims with at least 100 million euros stolen. To do this, funds were routed via Lithuanian accounts. At the slightest withdrawal request, the trap closed: the platforms vanished. 

The promoters used fake professionalism to deceive: clean graphics, credible communication, thoughtful encouragement messages. The gap was invisible. They hid behind crypto complexity to mask the simplicity of the scam.

It is a mirror of the current challenges in the crypto market: trust tools are weak, insurances rare, regulation late. In this context, illusions thrive, and victims flock. The virus of the fake investor remains far from eradicated.

Europe networked: anatomy of a cross-border fraud

This network was not local: it was a European web. Arrests took place simultaneously in Spain, Portugal, Italy, Bulgaria, and Romania, while funds transited through Lithuania. Eurojust orchestrated the action with the establishment of a Joint Investigation Team (JIT) Spain-Lithuania, coordinated by Europol. 

Five suspects arrested. Assets frozen. Sites dismantled. A massive operation on a continental scale.

To counter this fraud, it was necessary to pool European warrants, freezing orders, and coordinated arrests at the very heart of the European banking system. Investigators seized digital traces, crypto flows, and holder bank accounts. They exploited legislative flaws and the open borders of the financial system.

This structure highlights the issue: in the crypto industry, criminal networks surf on international connectivity. The fragmented architecture of national regulations becomes an asset for scammers. The dismantling of this network shows the European capacity to react. 

But it also reminds us that regulatory laxity, grey zones, and technical ignorance offer fertile ground to scammers. The challenge: strengthening cooperation, harmonizing crypto laws, and anticipating shady circuits.

Here are some key points of the case:

• Since 2018: operation ongoing;
• 23 countries impacted;
• 100 million euros stolen;
• 5 suspects arrested;
• Laundering route via Lithuania.

With these precise elements, we see how crypto crime becomes a European hydra: cut off one head, two appear elsewhere. The real challenge is making this ground too uncertain for scammers.

France recently experienced a wave of kidnappings targeting crypto entrepreneurs, with spectacular abductions and mutilated victims. The government has already responded: strengthened security, prioritized emergency services, emergency meeting. But is it enough to discourage the networks? The question remains open, those working in the shadows know the effort must last.