International operation busts crypto fraud network that laundered more than $815 million

A major international law enforcement action, culminating years of investigation, has dismantled a sophisticated criminal network responsible for laundering over €700 million ($815.75 million) from online investment scams. The fraud involved fake cryptocurrency investment platforms promoted via aggressive call centers using social engineering, where victims were pressured into sending funds and shown fabricated profits on fake dashboards. Once funds were transferred, the network obscured the money's origin by moving it across multiple blockchains and exchanges. The operation was conducted in two phases: the first targeted money laundering, resulting in nine arrests across Cyprus, Germany, and Spain, and the seizure of cash, bank funds, and cryptocurrencies. The second phase targeted affiliate marketing operations that fed victims into the schemes, often using deepfake videos impersonating celebrities and media outlets in advertising campaigns across Belgium, Bulgaria, Germany, and Israel. Europol stated these actions represent a coordinated strike against the pillars of the online crypto fraud industry.

(Source：The Block)