Crypto investment scheme busted in Eastern Europe

A criminal crypto investment scheme has been shut down in Eastern Europe by EU cross-border agency Eurojust.

Authorities in Bulgaria, Cyprus and Serbia have acted after they were tipped off to an organized criminal group dealing in crypto currencies by European Union (EU) watchdogs.

The news was confirmed by Eurojust, the EU’s cross-border agency that fights organized criminal groups.

The criminal network is said to have targeted citizens not just in the EU but beyond, with jurisdictions such as Australia, Canada and Switzerland affected.

The authorities dismantled the group, which was dealing in crypto currencies reported to have cost European citizens “tens of millions of euros”.

More than 250 persons were interviewed in the course of the operation, along with the seizure of 150 computers and a number of electronic devices.

The scam posed as an investment scheme whereby people were cold called and offered varying amounts of investments in cryptocurrencies. These amounts were invariably lost in the end.

Most of the call center operations were placed in Serbia but the technological infrastructure was run out of Bulgaria. The criminal proceeds ended up being laundered in Cyprus.

It is not the first time Bulgaria has hit crypto news in a negative light. Last week, the country’s biggest cryptocurrency exchange, Nexo, was targeted by the Prosecutor’s Office in an operation alleging possible funding to terrorist organizations.

The allegations by the Prosecutor’s Office are somewhat vague for the time being, but the operation was publicized.

Nexo has dismissed the latest charges as make-believe and said that they “shall too pass”.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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