Europe's Cross-Border Crypto Fraud Network Destroyed

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A crypto fraud network across Europe has been brought down with the assistance of joint forces of law enforcement agencies from across the continent. This fraudulent operation, operating across countries within Europe, is accused of using call centres to scam their victims out of millions of euros.


Europol, in conjunction with the Criminal Justice Cooperation for the EU, was able to arrest 14 suspects in Germany and Serbia. This is the result of an online scam investigation that was launched in 2021. The operation was able to recover 150 computers, three cars, two luxurious residences, cryptos worth up to $1 million, and cash worth 50,000 euros.

Team of people applauding female hacker about ransomware success, celebrating cryptojacking achievement late at night. Thieves feeling cheerful about successfully stealing information.

Victims are not only Europeans
Apart from people in Germany, Switzerland, Austria, and other European countries who have fallen victim to criminals, other victims in Canada and Australia have also fallen victim to scammers. Although the precise number of victims across these nations is unknown and the items that were recovered were only “the tip of the iceberg,” the law enforcement agent found a staggering amount of financial transactions during the investigation that can help them catch more of these bad actors who may still be around. The con artists are coordinated. They run call centers in Serbia, rely on Bulgarian technology infrastructure, and carry out the scam’s operations in Cyprus.

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