$15 Million Euros Crypto Scam Uncovered By Authorities In Italy And Albania

Key Points:

• Authorities in Italy and Albania have taken down an online investment fraud involving the use of cryptocurrency with the assistance of Eurojust, the cross-border agency of the European Union, for countering organized crime.

• By letting the victims obtain an immediate financial return in exchange for a little initial investment, the offenders won the victims’ trust.

• A united investigation team’s activity resulted in the seizure of assets worth 3 million euros, Eurojust reported on December 19. Additionally, more than 160 electronic items, including laptops, servers, digital video recorders, and cell phones, were seized.

An alleged crypto scam scheme that netted 15 million euros has been exposed by law enforcement in Italy and Albania.

The inquiry determined that an organized crime gang (OCG) operating out of a contact center in Tirana, Albania, was responsible for the investment fraud. The suspects allegedly used delocalized virtual private networks and anonymous virtual phone numbers (VPNs) to call the victims.

According to an announcement made on December 19 by Eurojust, the European Union’s transnational organization for combating organized crime, assets worth 3 million euros were recovered during the operation. Additionally, more than 160 electronic items, including laptops, servers, digital video recorders, and cell phones, were seized.

Victims were requested to open an account and transfer a small amount of money, demonstrating a quick financial gain. Then, despite it being unclear whether any crypto assets were bought, they were approached by scammers acting as brokers that recommended favorable investments in cryptocurrencies with minimal risk.

According to Eurojust, victims were then pushed to make much greater investments—in some cases, their whole financial resources. The account information was updated, and the victims were locked out once the larger deposits had been made.

Criminals have found success with cryptocurrency investment schemes, which prey on people looking to make substantial short-term financial gains.

According to police data, crypto fraud surged by a third in the UK in a single year, with thieves stealing hundreds of millions of pounds from victims.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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