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Home News

International Sting Dismantles Crypto Scam

May 10, 2024
Reading Time: 3 mins read
in News
International Sting Dismantles Crypto Scam

Law enforcement agencies from Austria, Cyprus, and Czechia have successfully dismantled a sophisticated online cryptocurrency scam, resulting in the arrest of six Austrians believed to be behind the fraudulent scheme. The operation was supported by both Europol and Eurojust, highlighting the importance of international cooperation in tackling complex cyber crimes. The investigation targeted the orchestrators of a supposed new cryptocurrency that was launched in December 2017, which was marketed to investors through an initial coin offering (ICO).

During the course of the investigation, authorities conducted six house searches and managed to seize significant assets. They recovered over EUR 500,000 in cryptocurrencies and EUR 250,000 in fiat currency. In addition to the monetary assets, they also confiscated two luxury cars and a luxury property valued at EUR 1.4 million. These seizures are a significant blow to the operation of the scam, crippling its financial infrastructure.

The scam operated by masquerading as a legitimate online trading platform offering a novel cryptocurrency. Investors were enticed to purchase tokens using established cryptocurrencies like Bitcoin or Ethereum. The scammers bolstered their credibility by claiming to have developed proprietary software and a unique algorithm for token sales. However, a lack of transparency about the team members and the underlying algorithm raised suspicions among some investors.

The scheme came to an abrupt end in February 2018 when the perpetrators suddenly shut down the project’s social media accounts and website, effectively conducting what is known as an exit scam. This left many investors realizing too late that they had been duped. The swift actions by Europol and Eurojust were pivotal in coordinating between different national jurisdictions, facilitating real-time communication among judicial authorities, and aiding in the quick execution of warrants. This case serves as a stark reminder of the potential risks associated with unverified online investment opportunities and the importance of due diligence.

Reference:
  • Six Austrians Detained in Multimillion Euro Crypto Fraud
Tags: AustriaCryptocurrenciesCyber NewsCyber News 2024Cyber threatsCybercrimeCybersecuritycyprusCzechiaInterpolMay 2024
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