Cryptocurrency Scam Busted: Eurojust Coordinates Successful Operation
A recent operation coordinated by Eurojust has led to the arrest of a suspect in France, uncovering a sophisticated cryptocurrency scam that caused losses of EUR 700,000 to Portuguese victims.
The Scam: ‘Rip Deals’ and Stolen Assets
The scam, known as ‘rip deals’, involves tricking victims into exchanging money via a fraudulent money exchange programme, which the scammers then use to steal the victim’s assets. The suspects would approach their victims by expressing an interest in acquiring commercial businesses, gaining their trust, and convincing them to install crypto asset wallets. Once the victims were convinced, the scammers would steal their funds.
A cryptocurrency scam operation
The investigation, which spanned several years, revealed that the suspects had scammed victims across Europe, including in Austria, Italy, Portugal, Spain, and Switzerland.
The Next Phase: Money Laundering
In the next phase of the scam, other members of the organised crime group would launder the proceeds of the fraud by moving them through several crypto assets, making it difficult to trace the proceeds.
The Takedown
The investigation culminated in an action day supported by Eurojust and Europol. During the operation, carried out simultaneously in France, Germany, Italy, and Romania, one suspect was arrested, and several houses were searched. Authorities froze multiple bank accounts and seized material goods containing information on the scam.
Law enforcement agencies worked together to take down the scam
The success of this operation is a testament to the power of international cooperation in combating cryptocurrency scams.
‘The investigation, spanning several years, culminated in an action day supported by Eurojust and Europol.’
The fight against cryptocurrency scams requires a coordinated effort from law enforcement agencies across Europe. This operation serves as a reminder that criminals will be brought to justice, and their illegal activities will not be tolerated.
Cryptocurrency scams are on the rise
As the world becomes increasingly digital, it’s essential to stay vigilant and protect ourselves from these types of scams. Remember, if it seems too good to be true, it probably is.
