Authorities in Germany, Bulgaria, Serbia, Cyprus Take Down Crypto Scam Network

Authorities in Germany, Bulgaria, Serbia, and Cyprus have taken down a cryptocurrency rip-off community in collaboration with Europol. “The suspects used advertisements on social networks to lure victims to websites covertly operated by the criminals, which offered seemingly exceptional investment opportunities in cryptocurrencies,” Europol detailed.

Authorities Cracking Down on Cryptocurrency Scams

Europol introduced Thursday that authorities from Bulgaria, Serbia, Cyprus, and Germany, in collaboration with Europol and Eurojust, have taken down “call centers selling fake crypto.”

The felony community, working by way of name facilities, “lured victims into investing large amounts of money into fake cryptocurrency schemes,” Europol defined, elaborating:

The suspects used commercials on social networks to lure victims to web sites covertly operated by the criminals, which provided seemingly distinctive funding alternatives in cryptocurrencies.

Fifteen individuals have been arrested within the case whereas 261 have been questioned and 22 places have been searched, together with 4 name facilities. The authorities additionally seized three {hardware} wallets containing about $1 million in cryptocurrencies, roughly 50,000 euros in money, three automobiles, digital gear, paperwork, and information backups.

Victims, primarily from Germany, have been initially satisfied to take a position small sums of cash. “Fake price hikes leading to supposedly lucrative profits for investors then persuaded them to make transfers of higher amounts,” the EU regulation enforcement company famous, including:

Currently, it’s estimated that the monetary harm to German victims is over two million euro.

Europol additional revealed that there are additionally victims in different international locations, together with Switzerland, Australia, and Canada.

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