HomeCryptoSix Austrians detained in multi-million euro cryptocurrency scam

Six Austrians detained in multi-million euro cryptocurrency scam

-


Austrian, Cypriot, and Czech Law Enforcement Collaborate to Dismantle Cryptocurrency Scam

Austrian Authorities Bust Cryptocurrency Scam, Arrest Six Suspects

In a joint effort, law enforcement agencies from Austria, Cyprus, and Czechia have successfully dismantled an online cryptocurrency scam, leading to the arrest of six individuals believed to be behind the fraudulent scheme. The investigation, supported by Europol and Eurojust, targeted the orchestrators of a new cryptocurrency launched in December 2017.

During the operation, authorities conducted six house searches, seizing over EUR 500,000 in cryptocurrencies, EUR 250,000 in fiat currency, and freezing numerous bank accounts. Additionally, assets worth EUR 1.4 million, including two cars and a luxury property, were confiscated.

The scam unfolded between December 2017 and February 2018, with the perpetrators posing as a legitimate online trading company offering a new cryptocurrency through an initial coin offering (ICO). Investors were lured into purchasing tokens with established cryptocurrencies like Bitcoin or Ethereum, with promises of proprietary software and a unique algorithm for token sales.

However, suspicions arose due to a lack of transparency regarding the team members and the cryptocurrency’s algorithm. The scammers abruptly shut down the project’s social media accounts and website in February 2018, executing an exit scam and leaving investors deceived.

Europol played a crucial role in the investigation, organizing operational meetings and providing comprehensive analysis. Eurojust facilitated real-time communication among judicial authorities, aiding in the swift execution of warrants. Austrian authorities, including the Criminal Intelligence Service and Specialized Prosecution Office, were actively involved in the operations.

The arrests mark a significant victory in the fight against cryptocurrency scams, highlighting the importance of transparency and due diligence in the digital asset space. Investors are urged to exercise caution and conduct thorough research before participating in any cryptocurrency offerings.

LATEST POSTS

Top 12 Bitcoin and Crypto Casinos for June 2024

Top Bitcoin Casinos for June, 2024 As the popularity of cryptocurrency continues to rise, so does the demand for online Bitcoin casinos. These casinos offer...

Michael Saylor predicts Bitcoin will reach $10M per coin, offering ‘economic immortality’

Michael Saylor Predicts Bitcoin to Reach $10 Million Per Coin: A Look at Corporate Immortality and Economic Pseudoscience Michael Saylor, the executive chairman and co-founder...

In its Latest Roadmap Update, Tectum Unveils Mobile App Release, Ivy Tree Consensus, and Public Blockchain TestNet

Tectum Unveils Latest Roadmap Update Featuring SoftNote Wallet Mobile App Launch Tectum Unveils Ambitious Roadmap Update, Including SoftNote Wallet Mobile App Launch Mahe, Seychelles-- Tectum, the...

Binance Receives 12.66 Million WIF from Whale Transactions as Dogwifhat Experiences 30% Decrease

Whale Deposits 12.66 Million WIF on Binance Amid Market Volatility Whale Deposits $23.4 Million Worth of WIF into Binance Amid Market Downturn In a significant move,...

Most Popular