Police arrests suspects linked to €600 million crypto fraud ring
European law enforcement authorities have arrested nine suspected money launderers who set up a cryptocurrency fraud network that stole over €600 million ($689 million) from victims across multiple countries.
The fraudsters allegedly created fake cryptocurrency investment platforms that looked legitimate and promised high returns, and recruited victims through various means, including social media and cold calling.
Once the victims transferred their cryptocurrency, they were unable to recover their funds, while the criminals successfully laundered more than €600 million in stolen assets using blockchain tools.
The coordinated operation took place on October 27 and 29 in Cyprus, Spain, and Germany, and was…
