A new cryptocurrency fraud case has been added to the recent increase. The Spanish-German-Swedish-Finnish-Latvian-Ukrainian-Georgian-Albanian police investigation brought down a network that generated more than 2,400,000,000,000 euros from fraudulent bitcoin transactions in Europe. The network is believed to have defrauded more than a hundred thousand people from various European countries.
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More Than 100,000 People Have Been Scammed
More than 100,000 Europeans have reportedly become victims of a global bitcoin scam. An investigation conducted by the EU police (Europol) in Albania in cooperation with Eurojust, the organization responsible for judicial affairs in Europe, has reportedly uncovered a Bitcoin fraud ring.
Fraud Worth Billions Of Dollars
Information provided by the Spanish Gendarmerie and the local police of Catalonia states that operations carried out on Nov. 8 and 9 with the participation of the police of Germany, Sweden, Finland, Latvia, Ukraine, Georgia and Albania broke up a network that earned more than 2 billion and 400 million euros through fraudulent cryptocurrency transactions.
During the operations, it was reported that two leading members of the criminal network were arrested in three cities of Albania and sixteen people are under investigation.
100 Thousand People Defrauded
The suspected group has defrauded more than 100,000 people in Europe with Bitcoin, including 17,000 in Spain.
During police operations, 15 call centers were raided and over 355 laptops, cell phones, and other electronic devices containing relevant information were seized.
According to reports, the Albania-based company promised large sums of money to small investors by pretending to have extensive knowledge of the financial world through fake brokers and selecting and tricking its victims through fake websites.
They Created A Chain Of Assets
The scammers convinced investors, who initially deposited €250, that they had won a large sum. After gaining their trust, they asked them to deposit more money, and those who wanted to withdraw their money were asked to deposit even more, claiming that they had to pay taxes or that the system had collapsed.
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