Europe Dismantles €700M Crypto Fraud Network in Major Cross-Border Operation

Source: ETHNews Original Title: Europe Dismantles €700M Crypto Fraud Network in Major Cross-Border Operation Original Link: https://www.ethnews.com/europe-dismantles-e700m-crypto-fraud-network-in-major-cross-border-operation/ European authorities have taken down one of the largest cryptocurrency fraud and money-laundering networks ever uncovered in the region, following a series of coordinated raids across multiple countries.

Supported by Europol and Eurojust, the investigation uncovered a sprawling criminal operation that funneled more than €700 million ($815 million) through fake investment platforms, deepfake-powered advertising, and aggressive call-center schemes.

Two-Phase Operation Spanning Seven Countries

The takedown unfolded in two major phases.

• Phase One, carried out on October 27, 2025, involved synchronized police actions in Cyprus, Germany, and Spain, targeting core members of the organization and their operational hubs.
• Phase Two, conducted between November 25-26, focused on the network’s sophisticated marketing and advertising infrastructure, with raids in Belgium, Bulgaria, Germany, and Israel. Authorities identified this second layer as critical to attracting new victims and disguising the scale of the operation.

The multinational sweep resulted in nine arrests, with suspects accused of laundering hundreds of millions in illegally obtained cryptocurrency.

Deepfakes, Fake Platforms, and High-Pressure Call Centers

Authorities say the group relied on an interconnected system of fraudulent investment platforms designed to mimic legitimate crypto trading websites. Victims were lured through polished online ads that frequently used deepfake videos of celebrities and financial experts, giving the scams an appearance of credibility.

Once individuals transferred their cryptocurrency into the fake platforms, call-center operators applied increasing pressure, encouraging victims to invest larger sums with promises of guaranteed returns. In reality, none of the money was invested. Instead, the funds were moved through a complex web of blockchain transactions designed to hide their origin.

Millions Seized in Cash, Crypto, and Luxury Goods

During the raids, investigators seized:

• €800,000 in bank accounts
• €415,000 in cryptocurrencies
• €300,000 in cash
• Numerous digital devices, documents, and high-value luxury items

These assets form part of an ongoing effort to trace and recover the stolen funds, which were laundered across multiple platforms and converted through a network of shell companies.

Bulgarian Cybercrime Directorate Plays Key Role

Bulgarian authorities, specifically the General Directorate for Combating Organized Crime (GDBOP) and its Cybercrime Directorate, played a central role in the second phase of the operation. Their work focused on dismantling the advertising infrastructure that enabled the fraudulent platforms to reach thousands of victims across Europe.

Europol emphasized that investigations are continuing, with analysts now tracking the broader financial footprint of the organization and identifying additional assets in the countries where the network operated.