Malta Police Join Europol In Dismantling €700M Cryptocurrency Fraud Network
An international operation coordinated by Europol, with the involvement of the Malta Police, has successfully dismantled fraud and money-laundering networks responsible for more than €700 million.
The operation marks the culmination of years of investigations targeting a criminal ring operating across Europe and beyond.
The network ran multiple fake cryptocurrency investment platforms, luring thousands of victims with sophisticated ads promising high returns. Victims were then repeatedly pressured over the phone to make ongoing payments, with inflated profits displayed on fake commercial platforms.
The Malta Police, through the Blockchain Analysis Unit (BAU), identified four investment fraud cases in which four Maltese victims lost a total of €493,750. The scheme involved fake financial advisors, instructions to use remote-access tools, and requests for personal documents. Funds were transferred via traditional banks, credit cards, and cryptocurrency.
In October, coordinated raids were conducted in Cyprus, Germany and Spain following requests from French and Belgian authorities, resulting in the arrest of nine suspects involved in laundering illicit funds from fake cryptocurrency platforms.
Authorities from Belgium, Bulgaria, Cyprus, France, Germany, Israel, and Spain also participated in the Europol-led operation.
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