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

Malventy spirits never give up in the cryptosphere. Today, we dismantle a network, and tomorrow another is formed in the shadows. There are those we see, and those who work in silence, carpets behind the screens, until the authorities spot them. Despite the light on this network with hundreds of victims, the crypto industry remains a moving prey. Frauders always invent new devices, false portals, flamboyant promises, invisible banking circuits. This raid once again reveals that in the world of digital currencies, the danger never sleeps.

Crypto -illusions: when promises become mirages

In June, several arrests had already followed kidnappings targeting French figures from the crypto. An icing reminder, while other crooks bet everything on “pro” platforms and licked interfaces. They sold dreams. They promised colossal yields. Naive investors injected euros converted into bitcoin or altcoins. When they asked for a withdrawal, they were asked for “additional costs”, then the site disappeared.

Result: the user lost everything. This mechanism, worthy of a classic scam, was unfortunately well suited to crypto decor.

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

The promoters used a false professionalism to deceive: clean graphics, credible communication, thoughtful incentive messages. The ditch was invisible. They hid behind the crypto complexity to hide the simplicity of the SCAM.

It is a mirror of the current challenges of the Crypto market: the trusted tools are low, the insurance rare, the late regulation. In this context, the illusions thrive, and the victims flock. The false investor virus remains far from being eradicated.

European network: anatomy of cross -border fraud

This network was not local: it was a European canvas. The arrests took place simultaneously in Spain, Portugal, Italy, Bulgaria and Romania, while the funds transited via Lithuania. Eurojust orchestrated the action with the implementation of a Team Investigation Joint (JIT) Spain – Lithuania, coordinated by Europol.

Five suspects arrested. Frozen active ingredients. Dismantled sites. A massive operation at the continent.

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

This structure sheds light on: in the crypto industry, criminal networks surf on international connectivity. The fragmented architecture of national regulations becomes an asset for crooks. The dismantling of this network shows the capacity for European reaction.

But it also recalls that regulatory laxity, gray areas and technical ignorance offer fertile land to crooks. The challenge: strengthen cooperation, harmonize crypto laws and anticipate circuits in the shade.

Here are some significant benchmarks of the file:

• Since 2018: operation carried out;
• 23 impacted countries;
• 100 million euros stolen;
• 5 suspects arrested;
• Lithuania bleaching road.

With these specific elements, we perceive how a crypto crime becomes a European hydra: we cut a head, two reappear elsewhere. The real issue is to make this ground too uncertain for crooks.

France recently crossed a wave of kidnappings targeting crypto entrepreneurs, with spectacular kidnappings and mutilated victims. The government has already reacted: strengthened security, priority emergency services, emergency meeting. But is it enough to dissuade networks? The question remains open, those who work in the shadows know that the effort must last.