A sweeping law enforcement operation across Europe has led to the dismantling of one of the continent’s largest cryptocurrency fraud and money laundering networks, which allegedly siphoned more than €600 million (US$688.9 million) from unsuspecting investors. The coordinated operation, which took place between October 27 and 30, resulted in nine arrests in Cyprus, Spain, and Germany, marking a significant step in the European Union’s ongoing battle against crypto-related financial crimes.

The investigation was led by Eurojust, the EU’s judicial cooperation agency, in partnership with law enforcement and judicial authorities from France, Belgium, Germany, Spain, and Cyprus. Officials said the transnational network behind the scheme created a web of fake cryptocurrency investment platforms, designed to look like legitimate trading services that promised lucrative returns.

The suspects allegedly used social media advertisements, cold calls, and fake news articles to lure in investors. In many cases, the scams were backed by fabricated celebrity endorsements, with criminals impersonating well-known figures from the finance, entertainment, and technology sectors to build credibility. Once victims deposited their money into the platforms, it was immediately diverted through complex blockchain transactions designed to obscure the trail of funds.

According to JUNALCO, France’s National Jurisdiction against Organized Crime, the fraudsters demonstrated “unprecedented sophistication” in exploiting both technology and human psychology. “This network exploited both technology and trust to defraud investors across Europe,” a JUNALCO spokesperson said. “The scale and sophistication of the scheme demonstrate the growing risk of fraudulent cryptocurrency operations, which can cross borders at the click of a button.”

Victims often discovered the scam only when they tried to withdraw their earnings or close their........

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