A coordinated European operation led by Eurojust has resulted in the arrest of nine people suspected of laundering more than €600 million through fake cryptocurrency investment platforms. The synchronised actions, carried out in Cyprus, Spain, and Germany on 27 and 29 October, mark one of the largest international crackdowns on crypto-related fraud in recent years.

The criminal network allegedly operated dozens of fraudulent online investment platforms that mimicked legitimate cryptocurrency trading sites, luring victims with promises of high returns. Using aggressive online advertising, cold calls, fabricated news articles, and fake celebrity endorsements, the group convinced thousands of investors to transfer money and digital assets that were never recovered.

Once the funds were collected, the perpetrators laundered them using complex blockchain transactions, making the trail harder to trace. According to investigators, the network succeeded in laundering around €600 million in illicit proceeds.

Eurojust — the EU agency for judicial cooperation — played a central role in coordinating the investigation and takedown. The agency helped set up a Joint Investigation Team (JIT) between France and Belgium and later expanded cooperation to include prosecutors and investigative judges from Cyprus, Spain, and Germany. The operational phase was coordinated from Eurojust’s headquarters in The Hague.

During the raids, authorities seized €800,000 in bank accounts, €415,000 in cryptocurrencies, and €300,000 in cash.

In Cyprus, the operation was carried out by the Attorney General’s Office, the Cyprus Police, and the Unit for Combating Money Laundering (MOKAS). Other participating authorities included the Court of Paris’ Cybercrime Unit, Belgium’s Federal Judicial Police Limburg, Germany’s Public Prosecutor’s Office in Cologne, and Spain’s Mossos d’Esquadra and Policía Nacional.

The investigation began after authorities received multiple complaints from victims across Europe. Eurojust said its coordination ensured that national agencies could act swiftly and efficiently to dismantle the cross-border network.