Greek police have arrested 17 people in an alleged cryptocurrency investment scheme that authorities estimate collected more than $8 million from at least 10,000 participants.
Summary
- 17 suspects were arrested, including nine military personnel, according to Greek public broadcaster ERT News.
- Police allege the platform promised to double investors’ money within 50 days without authorization.
- Investigators seized €295,090 and identified 18 victims who deposited a combined €55,970.
Hellenic Police said in an Oct. 2 statement that investigators in Katerini uncovered a suspected pyramid operation using company structures and an online platform to present cryptocurrency investments as legitimate.
Greek crypto fraud suspects allegedly used recruitment bonuses
ERT News reported that nine of the arrested suspects were military personnel, including two noncommissioned officers allegedly holding leadership roles.
Citing information obtained by reporter Giorgos Gerafentis, the broadcaster said members received bonuses for bringing new participants into the platform. Its account described a hierarchy in which alleged leaders controlled the operation while recruits helped attract further investment.
According to ERT’s reporting, the operators initially gave participants the impression that their investments could generate profits, before failing to return the money they had deposited.
The broadcaster placed the suspected network’s offices in Katerini, Thessaloniki, Larissa, Patras and an island in the Dodecanese. ERT also reported that the case file included nine additional Greek suspects, among them another member of the armed forces.
In the police account, the operation had been active since at least 2025 and offered guaranteed high returns with little or no risk. Investigators alleged that the platform lacked the required authorization and promised to double invested capital within 50 days.
Police seized cash and devices during coordinated searches
Following months of investigation, officers arrested two alleged leaders among the 17 suspects and prepared a case file concerning nine additional people, according to the official statement.
During searches of five offices, nine homes and other premises, police said they seized €295,090, 32 mobile phones, 28 computers and 15 tablets. The seizure list also included 38 USB storage devices, 16 storage drives, bank cards and a money-counting machine.
Within the investigation, authorities identified 18 victims whose combined deposits reached €55,970, the statement said. Police separately estimated that at least 10,000 people had joined the platform.
According to the release, the arrested suspects appeared before the Katerini prosecutor, who referred them to an investigating judge.
Greek authorities have previously frozen cryptocurrency linked to an overseas theft. In July 2025, crypto.news covered the country’s first cryptocurrency asset seizure, involving funds traced to the $1.5 billion Bybit hack.
Chainalysis said the Hellenic Anti-Money Laundering Authority used its Reactor investigation software to connect a suspicious wallet to the attack. According to the company, the authority issued an emergency freezing order and transferred the case to prosecutors after tracing the funds.
International investigations have targeted fake crypto investment platforms
In an Aug. 29 report on 58 crypto scam arrests, INTERPOL described an eight-month operation targeting financial networks associated with West African organized crime groups.
According to the agency, Operation Jackal IV ran from November 2025 through June 2026 and involved 22 countries across six continents, including the United States. Investigators examined fake cryptocurrency investments, romance scams and business email fraud, alongside the accounts and wallets used to handle proceeds.
During raids in Johannesburg, South African authorities arrested 39 people, seized $2.67 million and blocked 257 bank accounts, INTERPOL said. The agency described suspects working in separate roles to persuade new victims to pay and encourage existing victims to send more money.
In Romania, INTERPOL said police dismantled a call center that offered large returns from stocks and cryptocurrencies while directing deposits into wallets controlled by suspects. Investigators estimated that the network stole and laundered approximately €143 million worldwide.
A July 9 report detailed another international fraud enforcement operation, Operation First Light, which INTERPOL said resulted in 5,811 arrests and intercepted $293 million in illicit assets across 97 countries and territories.
According to INTERPOL, that operation ran between Jan. 15 and April 30, identifying more than 142,000 victims and blocking over 31,000 bank accounts. Its targets included investment fraud, impersonation, romance scams, and the laundering networks supporting them.
In one Thai investigation, the agency said police arrested two suspects linked to cryptocurrency laundering through token swaps across different blockchains. Authorities reported that one suspect’s wallet processed more than $122.5 million over 10 months.
FBI guidance addresses frozen withdrawals and further payment demands
For American investors encountering suspected fraudulent platforms, the FBI’s cryptocurrency investment fraud guidance warns that scammers may permit early withdrawals to build confidence before encouraging larger deposits.
According to the bureau, fake platforms can display attractive returns and provide professional-looking account pages, login security, and customer support features. When victims attempt to withdraw their full balance, scammers may freeze the account and demand supposed taxes or fees.
The FBI describes those payment demands as another method of taking money from victims and advises people who suspect fraud to stop sending funds.
The bureau also warns that people who have lost cryptocurrency may face a second approach from supposed recovery services. Such operators can impersonate law enforcement, private companies or law firms while requesting payment to recover missing assets, according to its guidance.
For reports submitted to the Internet Crime Complaint Center, the FBI requests transaction details including cryptocurrency addresses, amounts, asset types, dates and transaction identifiers. The bureau also asks victims to provide communications with suspects, website addresses, and information about the exchanges used to transfer funds.
