Widespread European crypto investment fraud ring clamped down

Operations of a cryptocurrency investment scam that has amassed over $118 million across France, Italy, Germany, and Spain have been shut down by multiple European law enforcement and judicial authorities as part of a Eurojust and Europol coordinated effort, The Hacker News reports.

Five suspects, including the fraudulent scheme's alleged mastermind, have been arrested in the operation, which has also led to the freezing of related bank accounts and financial assets, according to Eurojust.

"This fraud had been running since at least 2018, and covered 23 different countries, for instance, either as areas used to divert proceeds of the scam or as locations where victims were based," Eurojust added.

Such a crackdown comes weeks after another cybercrime ring that pilfered nearly $30 million from high-profile targets was dismantled by the Seoul Metropolitan Police Agency.

Attackers behind the hacking operation were reported by Chainalysis to have initially targeted victims' personal details and funds before obtaining additional data from their family members for subsequent intrusions.