Eurojust Shatters €100M Crypto Scam, Exposing Gaps in Global Oversight

Source: [1] Eurojust Arrests 5 in €100M Cryptocurrency Scam (https://thehackernews.com/2025/09/eurojust-arrests-5-in-100m.html) [2] €100M Crypto Scam Busted (https://www.helpnetsecurity.com/2025/09/24/europe-crypto-fraud-bust) [3] Inside Europe’s Largest Crypto Fraud Takedown (https://cointeeth.com/news/inside-europe-s-largest-crypto-fraud-takedown-five-arrested-after-scam) [4] Europe’s Crypto Head Hunters Bring Down $100M Scam (https://finance.yahoo.com/news/europe-crypto-head-hunters-bring-093148451.html) [5] Eurojust Coordinates Action to Halt Cryptocurrency Fraud (https://www.eurojust.europa.eu/news/eurojust-coordinates-action-halt-cryptocurrency-fraud-over-100-million-euros-across-europe) [6] Police Arrest 5 in €100M Cross-Border Cryptocurrency Fraud Case (https://www.occrp.org/en/news/police-arrest-5-in-eur100m-cross-border-cryptocurrency-fraud-case) [7] Police Dismantles Crypto Fraud Ring Linked to €100M in Losses (https://www.bleepingcomputer.com/news/security/police-dismantles-crypto-fraud-ring-linked-to-100-million-in-losses/) [8] Massive Cryptocurrency Fraud Operation Taken Down (https://cybernews.com/crypto/massive-cryptocurrency-fraud-operation-europe/) [9] European Police Dismantle €100M Crypto Fraud Ring (https://redteamnews.com/threat-intelligence/european-police-dismantle-e100-million-crypto-fraud-ring-in-multi-nation-operation/)

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September 2025 marked a pivotal period of volatility in global cryptocurrency markets, driven by high-profile fraud cases and regulatory crackdowns. European law enforcement agencies, coordinated by Eurojust and Europol, dismantled a €100 million ($118 million) cross-border crypto investment scam that defrauded over 100 victims across 23 countries since 2018. Five suspects were arrested in Spain, Portugal, Italy, Romania, and Bulgaria, with bank accounts and assets linked to the scheme frozen. The operation, described as one of the largest in EU history, involved a professionally designed platform promising high returns on crypto investments. Funds were rerouted to Lithuanian accounts, and victims were denied withdrawals after paying additional fees.

The takedown follows a broader surge in crypto-related fraud. U.S. Federal Trade Commission (FTC) data revealed Americans lost a record $12.5 billion to fraud in 2024, with investment scams accounting for $5.7 billion—up from $3.8 billion in 2022. A separate Chainalysis report highlighted a September 2025 social engineering attack on the Venus Protocol, where a compromised Zoom client allowed attackers to drain $13 million. Venus swiftly paused the protocol, force-liquidated the attacker’s wallet, and recovered the funds.

Regulatory scrutiny intensified as authorities in South Korea’s Seoul Metropolitan Police Agency disrupted another $30 million fraud ring in early September, targeting corporate executives. The scheme involved phishing and impersonation to harvest victims’ personal data for further thefts. These cases underscore the evolving sophistication of crypto scams, which now leverage AI tools to create convincing platforms and exploit cross-border loopholes.

The September turbulence coincided with rising institutional interest in Bitcoin, which saw year-on-year wallet activity grow over 20% in 2025, according to Glassnode data. However, the market’s calm (±20% volatility as of August 31) belied underlying risks, as fraudsters increasingly used stablecoins like Tether (USDT) for laundering. Europol estimated investor losses from crypto fraud at €460 million since 2020, while Russia’s central bank reported over 1,000 pyramid schemes involving crypto in six months.

Investor caution has grown amid these developments. Experts warn that unrealistic promises of high returns and limited technical understanding among retail investors create fertile ground for scams. The U.S. FTC noted that 79% of investment scam victims lost money, with a median loss of over $9,000. Meanwhile, European regulators continue to balance innovation with oversight, as the Markets in Crypto-Assets (MiCAR) framework phases in stricter compliance requirements for crypto-asset service providers.

The September events highlight the need for global coordination to address crypto fraud. While law enforcement agencies have demonstrated progress in dismantling criminal networks, the persistence of multi-million-dollar scams indicates structural weaknesses in regulatory frameworks. As markets mature, the challenge will be aligning rapid technological innovation with enforceable standards to restore investor trust and ensure financial stability.