- Europol dismantles $700 million cryptocurrency laundering network
- Raids in Cyprus, Germany and Spain resulted in the seizure of $1.7 million in assets and the arrest of nine people.
- Fraudsters used scam platforms, pressure tactics and fake celebrity advertisements to lure thousands of victims.
Europol and several national law enforcement agencies I recently took some cryptocurrency and a money laundering network worth over 700 million. The network spread to several countries and included fake exchange platforms, fake customer support centers and fake affiliate marketing infrastructure.
The bust resulted in the seizure of over a million dollars in assets and the arrest of nine suspects.
“What began as an investigation into a single fraudulent cryptocurrency platform has gradually evolved into a complex, far-reaching operation uncovering a vast network of deception and money laundering,” Europol said.
Stage two – affiliate marketing
In a press release issued earlier this week, the police department explained that the operation was divided into two parts. In the first part, coordinated police raids were carried out in Cyprus, Germany and Spain.
During these raids, police seized approximately $930,000 in bank accounts, approximately $500,000 in cryptocurrency, and approximately $350,000 in cash. They also seized digital devices, “expensive watches” and arrested nine people suspected of laundering cryptocurrencies stolen using counterfeit funds. investment and trading platforms.
Fraudsters will develop fake crypto investment platforms, lure “thousands of victims” with sophisticated advertising, and then contact them repeatedly through criminal call centers to trick them into investing even more.
The second phase of the operation focused on the affiliate marketing infrastructure that supported the online scam. “Coordinated action has been taken against companies and those suspected of fraudulent advertising campaigns on social networks,” it said.
This is the type of advertising that promises high returns on a small investment with zero risk. In many cases, these include deepfake videos of celebrities, politicians and technology gurus such as Donald Trump, Elon Musk or Michael Saylor. Europol claims that it is the data of potential investors obtained in this way that is vital for the functioning of the crypto fraud industry.
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