An extensive international cryptocurrency scam operation has been successfully dismantled following a multi-national law enforcement effort led by Belgian, French, and Cypriot police forces. The operation, conducted between October 27 and 30, was coordinated with Eurojust and resulted in the arrest of nine suspects across several European countries. French state prosecutor Laure Beccuau confirmed on November 4 that the arrests occurred in Cyprus, Germany, and Spain, with six of the individuals being apprehended under European arrest warrants issued by French investigating judges. The suspects face accusations of involvement in an organized crypto-investment fraud and money laundering network that preyed on victims across the continent.
During the coordinated arrests, authorities seized significant assets linked to the scheme. The total value of the assets seized reached approximately €1.6 million ($1.84 million), including €800,000 held in bank accounts, €415,000 in cryptocurrency wallets, and €300,000 in cash. Additionally, a collection of luxury watches valued at €100,000 was confiscated. Prosecutor Beccuau also noted that investigators are currently appraising several real estate properties believed to be part of the criminal network’s holdings, indicating the scope of the financial impact and wealth generated by the fraud.
The investigation that led to these arrests began in 2023 when a wave of complaints from victims of crypto investment scams was funneled to French cybercrime units and the National Gendarmerie’s Crypto-Assets team by the Paris-based National Jurisdiction for Combating Organized Crime (JUNALCO). The analysis of the criminal methodology revealed that the perpetrators lured their victims through a sophisticated multi-channel approach. This included using social media advertisements, direct phone calls, and sponsoring fake news articles across various communication platforms to establish trust and credibility.
The ultimate objective of the criminals was to persuade victims to invest money on one of the dozens of fake crypto-investment platforms they operated. These fraudulent platforms were meticulously designed to appear legitimate, offering the promise of attractive financial returns to unsuspecting investors. Prosecutor Beccuau confirmed that the scheme claimed “several hundreds of victims” both within France and across Europe, none of whom have been able to recover their lost funds. Crucially, French investigators determined that the malicious network laundered an estimated $700 million (€610 million) in crypto assets through the duration of this extensive operation.
Following the initial investigation, French prosecutors formally opened a judicial inquiry into the matter on June 4, 2025, which provided the legal framework necessary for law enforcement to deploy the international operation. The nine suspects now face six distinct charges, each carrying severe penalties. These include potential prison sentences ranging from five to ten years and fines of between €1,875 and €1 million ($2,153 to $1.15 million), underscoring the serious nature and significant scale of the organized financial crime they are alleged to have committed.
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