International Cooperation
The joint investigation began in September 2020. Coordinated by Eurojust and supported by Europol, the operation brought together law enforcement teams from Spain, Portugal, Bulgaria, Italy, Lithuania, and Romania.
According to Eurojust, during the coordinated action day, simultaneous raids were carried out in Spain, Portugal, Italy, Romania, and Bulgaria. As a result:
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Bank accounts and financial assets were frozen,
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Digital materials were seized,
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Key evidence of money laundering and fraud was collected.
The Fraud Scheme
The main suspect allegedly used professionally designed online platforms to lure potential victims with promises of high returns on investments in various cryptocurrencies. However, most of the invested funds were funneled into bank accounts in Lithuania controlled by the fraudsters.
When victims tried to recover their assets, they were asked to pay additional “processing fees.” Eventually, the fraudulent websites were shut down, leaving investors with heavy losses — in some cases, their entire life savings vanished.
Years of Activity Across Borders
Authorities confirmed that the scheme had been operating since at least 2018. It targeted investors in 23 countries, either as the place where victims resided or as locations where the illicit profits were funneled.
Similar Cases in Spain
Spain has witnessed a wave of related crypto fraud operations in recent months:
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In June 2025, police arrested five suspects linked to a scheme that defrauded more than 5,000 victims and laundered an estimated $540 million (€460 million).
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In July 2025, another large investment fraud ring was dismantled, responsible for losses exceeding $11.8 million (€10 million).
A Growing Global Threat
Crypto investment fraud is not limited to Europe. In the United States, the Federal Trade Commission (FTC) revealed that Americans lost a record $12.5 billion to fraud in 2024. Investment scams accounted for the largest share, causing losses of around $5.7 billion.
Conclusion: What Investors Should Do
The rapid growth of the cryptocurrency market has also attracted criminals who exploit the hype. To protect themselves, investors are urged to:
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Avoid unlicensed and unregulated platforms,
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Treat “too good to be true” profit promises with suspicion,
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Use only trusted and regulated exchanges.
This European operation once again highlights the importance of international cooperation in combating cyber-enabled financial crime. Still, the global surge in fraud losses shows that much stronger preventive measures are urgently needed.
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