European authorities have cracked a major cryptocurrency fraud case involving approximately $118 million

ChainCatcher news, according to AFP reports, European authorities have successfully dismantled a large cryptocurrency fraud case, with the scam gang defrauding over 100 victims of at least 100 million euros (approximately 118 million dollars).

The EU judicial cooperation agency Eurojust coordinated the operation, with police conducting raids in Spain, Portugal, Italy, Romania, and Bulgaria, arresting 5 suspects, including the mastermind of the scam. It is reported that the scammers promised victims huge returns on cryptocurrency investments through a professionally designed online platform, and then transferred the funds to Lithuania for money laundering. When victims attempted to recover their investments, the scammers demanded additional fees, after which the scam websites disappeared, leaving investors with most or all of their funds lost. The scam has been operating since 2018, involving 23 countries, with victims mainly from European countries such as Germany, France, Italy, and Spain. The main suspects face charges of large-scale fraud and money laundering.