European Authorities Dismantle €700M Crypto Fraud Ring Using Deepfake Scams
Europol's December 4 announcement revealed a sprawling cryptocurrency fraud network dismantled across Europe. The operation targeted fake trading platforms that lured victims with promises of high returns, deploying deepfake technology and celebrity endorsements to appear legitimate.
Coordinated raids in Cyprus, Germany, and Spain on October 27 resulted in nine arrests, seizing €800,000 from bank accounts, €415,000 in crypto, and luxury assets. A second wave on November 25-26 disrupted the scam's marketing infrastructure across Belgium, Bulgaria, and Israel, where fraudulent ads used AI-generated videos of public figures.
French and Belgian authorities spearheaded the investigation, with Europol and Eurojust managing cross-border coordination. The takedown highlights growing regulatory scrutiny of crypto-related financial crimes as digital asset adoption expands.
