"Authorities in Europe and Israel have targeted companies and suspects behind fraudulent social media advertising campaigns as part of a crackdown on a massive cryptocurrency fraud and money laundering operation, which allegedly scammed thousands of victims with fake online investment schemes. Coordinated actions by law enforcement in Belgium, Bulgaria, Germany, and Israel in November led to two arrests and other suspects questioned, Europol said Thursday."
"The European Union law enforcement agency said it was the second phase of an operation that led to nine arrests in October across Cyprus, Germany, and Spain connected with the laundering of illicit funds generated by fraudulent cryptocurrency investment platforms. At that time, 600 million euros ($699 million) had been laundered by the network, according to Eurojust, the EU agency for criminal justice cooperation. Europol has now put the figure at 700 million euros ($816 million)."
Law enforcement agencies in Belgium, Bulgaria, Germany and Israel targeted companies and individuals linked to a large-scale cryptocurrency fraud and money-laundering network. The operation was a second phase following earlier arrests in October and resulted in two arrests and multiple suspects questioned. Authorities estimate about €700 million was laundered through fraudulent crypto investment platforms. The network operated like a corporation with departments for infrastructure, sales, advertising, payments and laundering, and used affiliate marketing, deceptive online adverts, criminal call centers, and fake investment platforms to recruit victims. Stolen cryptocurrency was moved across blockchains and exchanges to obscure origins.
#cryptocurrency-fraud #money-laundering #affiliate-marketing #social-engineering #international-law-enforcement
Read at OCCRP
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