€100M crypto scam busted: Five arrested in Europe-wide operation
A cross-border cryptocurrency scam has left investors across Europe with losses of more than €100 million. Authorities in several countries worked together to shut down the operation and arrest those behind it.
How the scheme worked
The fraudsters ran what looked like a legitimate crypto-investment platform. They promised high returns to attract people to put in their savings. The money was moved through a web of accounts, many of them in Lithuania.
When victims tried to take their money back, they were told they had to pay extra fees first. Once they paid, the site disappeared, leaving them with nothing. The scam ran for years, starting as early as 2018, and reached victims in at least 23 countries, including Germany,…
