Eurojust Detains Organizers of €100 Million Cryptocurrency Fraud

The European Union Agency for Criminal Justice Cooperation (Eurojust) announced the arrest of five individuals suspected of conducting cryptocurrency fraud amounting to over €100 million. Among them is the alleged mastermind of the scheme.

According to the agency’s statement, more than a hundred investors from Germany, France, Italy, and Spain were defrauded through online platforms.

“During the joint action day, five searches were conducted in Spain, Portugal, Italy, Romania, and Bulgaria. Bank accounts and other financial assets were frozen. The main suspect is charged with large-scale fraud and money laundering,” the statement notes.

According to the investigation, the scheme had been operating for several years. The organizers promised high returns on cryptocurrency investments, offering services through professionally designed online platforms.

The victims’ funds were transferred to bank accounts in Lithuania, where they were used for laundering. When investors attempted to retrieve their money, they were forced to pay additional “fees,” after which the websites were shut down, and access to the funds was lost.

Preliminary data indicates that the fraudulent activity had been ongoing since at least 2018 and spanned 23 countries—both as territories through which transfers were made and as places where the victims resided.