When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works .
(Image credit: Getty Images) Despite it being the year 2025 and with all our technology at hand, financial scams are still far too common. Thankfully, authorities everywhere are on the case, as evidenced by a European operation that busted 9 conmen who scammed victims out of $689 million in cryptocurrency.
Along with the miscreants, the authorities seized $918,504 (€800,000) in bank accounts, €415,000 ($476,444) in cryptocurrencies, $344,417 (€300,00) in cash, and even luxury watches to the tune of $114,805 (€100,00). Additionally, the authorities said that several properties linked to the network are undergoing investigation.
$7.3 billion worth of cryptocurrency recovered from newly convicted 'Bitcoin Queen'
DoJ seizes $15 billion in Bitcoin from Cambodian fraudster who ran 'pig butchering' scam using forced labor
Chinese victims of convicted 'Bitcoin Queen' may have trouble getting their $7.3 billion back from UK government
The potential rap sheet for the criminals includes organized fraud, money laundering, offering unlicensed investment services, and participation in a criminal association. Under French law, these offenses may be met with up to 10 years in prison and up to $1.15 million (€1 million) in fines. The thieves created multiple fake cryptocurrency investment platforms promising high returns, and dragged in victims using "various means" including social media and cold calling.
After the victims transferred their cryptocurrency, it was unrecoverable, syphoned away, and laundered via various blockchain tools. The bust occurred on October 27 and 29 and was coordinated by Eurojust , the Hague-based European Union judicial cooperation agency. The investigation goes back to 2023, when French authorities received multiple complains from scammed victims.
As an EU resident, I can personally attest that crypto and fake work scams are all the rage right now. I once got an amusing call from someone from The Blockchain (yes, really) that I entertained for a minute before going back to sleep. Every couple of days, I get a nicely-formatted phishing email from a fake exchange that looks pretty legit, save for the sender. Sometimes these imitate real exchanges, too. Thankfully, the ongoing European MiCA regulation/certification should help investors in verifying that their prospective exchange is listed and certified for some peace of mind.
Just today, Eurojust announced another huge bust , of 18 people, this time related to $344 million (€300 million) worth of credit card fraud. Last June, Europol busted a cryptocurrency investment fraud ring that took in €450 million ($517 million) and laundered it through various methods worldwide, including cash withdrawals, bank transfers, and crypto transfers.
Get Tom's Hardware's best news and in-depth reviews, straight to your inbox.
Key considerations
- Investor positioning can change fast
- Volatility remains possible near catalysts
- Macro rates and liquidity can dominate flows
Reference reading
- https://www.tomshardware.com/tech-industry/cryptocurrency/SPONSORED_LINK_URL
- https://www.tomshardware.com/tech-industry/cryptocurrency/crypto-fraud-and-laundering-ring-that-stole-eur600m-usd689m-busted-by-european-authorities-9-arrests-made-across-multiple-countries-perps-face-a-decade-behind-bars-and-huge-fines#main
- https://www.tomshardware.com
- NVIDIA Partners Bring Physical AI, New Smart City Technologies to Dublin, Ho Chi Minh City, Raleigh and More
- Louvre heist reveals museum used ‘LOUVRE’ as password for its video surveillance, still has workstations with Windows 2000 – glaring security weaknesses reveale
- Korea Joins AI Industrial Revolution: NVIDIA CEO Jensen Huang Unveils Historic Partnership at APEC Summit
- How NVIDIA GeForce RTX GPUs Power Modern Creative Workflows
- Hands-on with Lian Li's Lancool 217 INF: RGB and infinity mirror are a drastically different take on the wood-clad original 217
Informational only. No financial advice. Do your own research.