Europol announced on Dec. 4 that authorities across Europe completed the final stage of a multi-year crackdown targeting an extensive crypto-fraud and laundering enterprise. The agency stated: “The final actions in a sweeping international operation have successfully dismantled a large-scale cryptocurrency fraud and money laundering network that had laundered over EUR 700 million.”

According to Europol:

The criminal network operated numerous fake cryptocurrency investment platforms, luring thousands of victims with sophisticated advertisements promising high returns.

“The victims were then repeatedly contacted by criminal call centres, where callers used social engineering to pressure victims into making further payments by showing them inflated returns on fake trading platforms,” Europol detailed.

The case began years ago with an inquiry into one fraudulent platform but steadily expanded as investigators uncovered a broader architecture of fake trading portals, call-center operations, and cross-border laundering channels. Authorities executed the first coordinated phase on Oct. 27, conducting raids in Cyprus, Germany, and Spain at the request of French and Belgian officials. That stage yielded nine arrests and asset seizures that included bank balances, crypto holdings, cash, digital devices, and luxury items.

Read more: Switzerland and Germany Move on Cryptomixer With 25M Euro Bitcoin Seizure

A second phase on Nov. 25–26 focused on the affiliate-marketing systems that fed victims into the fraud through manipulated online advertising and deepfake-driven promotions. Europol detailed:

The investigation uncovered more than EUR 700 million laundered through a labyrinth of cryptocurrency exchanges, exploiting digital anonymity to conceal illicit flows.

“Following these two coordinated actions and multiple arrests and seizures, investigative authorities will continue to track the criminal organisation’s assets in the countries where it operates and resides,” the agency noted.

Participating authorities comprised Belgium’s Federal Judicial Police Limburg; Bulgaria’s Cybercrime Directorate within the General Directorate Combating Organized Crime; Cyprus Police; France’s Gendarmerie Nationale; Germany’s Bavarian Central Office for the Prosecution of Cybercrime, Police Headquarters Chemnitz, Police Headquarters Görlitz, Criminal Investigation Department Würzburg, and Police Headquarters Düsseldorf; Israel’s National Cybercrime Unit and Intelligence Division; Malta Police; and Spain’s Policía Nacional and Mossos d’Esquadra.

• What did Europol dismantle in this operation?
  A large-scale crypto-fraud and laundering network responsible for more than EUR 700 million in illicit flows.
• How did the criminal platforms target victims?
  They used fake crypto-investment sites, aggressive call-center tactics, and manipulated online ads to pressure victims into repeated payments.
• Which countries participated in the raids?
  Authorities from Belgium, Bulgaria, Cyprus, France, Germany, Israel, Malta, and Spain coordinated actions across multiple phases.
• What will investigators do next?
  They will continue tracing the organisation’s assets across jurisdictions to recover funds and support prosecutions.

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