Pan-European Crypto Scam Worth $118M Dismantled in Historic Takedown

Eurojust and Europol have dismantled a sophisticated crypto fraud operation spanning 23 countries, with losses exceeding €100 million ($118M). The scheme, active since 2018, lured investors through fraudulent platforms before funneling funds to Lithuanian accounts and disappearing upon withdrawal requests.

Five suspects were arrested across Spain, Portugal, Italy, Romania, and Bulgaria in coordinated raids. The operation marks the largest crypto fraud takedown in EU history, involving frozen bank accounts and digital asset seizures aided by Europol's crypto experts.

Fraud patterns mirror market growth—Bitcoin wallet activity surged 20% year-over-year, creating fresh targets. "The alleged mastermind faces charges of large-scale fraud and money laundering," stated Eurojust's September 22 announcement.