International Law Enforcement Agencies have successfully taken down a network of crypto scammers in collaboration with Europol. “The suspects used social media ads to lure victims to websites covertly operated by criminals, which offered seemingly exceptional investment opportunities in cryptocurrency,” Europol detailed.
International Police Forces Put Stop To Cryptocurrency Fraud
Europol Announced on Thursday that representatives from Bulgaria, Serbia, Cyprus And Germany, in collaboration with Europol And Eurojust, have been able to take down “call centers selling fake cryptocurrencies.”
The Criminals working in this network “lured victims into investing large amounts of money in fake cryptocurrency schemes,” Europol explained, adding:
The Social media advertising was used by suspects to lure victims to sites operated by criminals. These websites offered exceptional opportunities to invest in cryptocurrency.
Fifteen individuals were arrested in this case. 261 others were questioned. 22 locations were searched including four call centers. Authorities also seized Three hardware wallets with approximately $1 million in cryptocurrency and about 50,000 euros in cash.
The Victims, mainly from Germany, initially invested small amounts of money. “False price increases leading to supposedly lucrative profits for investors convinced them to transfer higher amounts,” The EU law enforcement agency went on to say that it added:
CurrentlyIt is estimated that the financial loss to the German victims exceeds two million euros.
Europol Further, it was revealed that victims are also found in other countries. Switzerland, Australia And Canada.
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