A large-scale cryptocurrency fraud scheme worth over 100 million euros has been dismantled following an international operation coordinated by the European Judicial Cooperation Office (Eurojust). The investigation led to searches in Spain, Portugal, Italy, Romania, and Bulgaria, where prosecutors from Sofia and Plovdiv were actively involved. Five individuals, among them the suspected leader of the network, were arrested, and authorities confirmed that numerous bank accounts connected to the case have been frozen.

According to Eurojust, the victims - more than one hundred people from across 23 different countries - were deceived through sophisticated online platforms promising extraordinary profits from cryptocurrency investments. Instead of being invested, the victims’ funds were funneled through a system of transfers and laundered in Lithuania.

The fraudulent platforms gave the illusion of legitimacy, but once investors attempted to withdraw their money, they were confronted with additional charges. Shortly afterward, the platforms would vanish, leaving victims unable to reclaim their funds. In most cases, people lost the majority or even the entirety of their investments.

Authorities believe the criminal operation has been running since at least 2018. Among the hardest-hit were citizens of Germany, France, Italy, and Spain. The suspected ringleader now faces charges of large-scale fraud and money laundering.

Although the coordinated raids were executed last week, officials only disclosed the details on September 23 due to ongoing judicial processes across the participating countries.