Europol Arrest Crypto Currency Fraud Gang

European law enforcement agencies collaborated and took down a take down a multimillion dollar crypto currency fraud group, making multiple arrests. The operation was coordinated by Europol and targeted individuals associated with a large scale crypto-currency investment fraud scheme. 

“The suspects used advertisements on social networks to lure victims to websites covertly operated by the criminals, which offered seemingly exceptional investment opportunities in crypto currencies... The victims, mainly from Germany, would first invest low, three-digit sums. Fake price hikes leading to supposedly lucrative profits for investors then persuaded them to make transfers of higher amounts,” Europol said.

Those arrested include 14 individuals in Serbia and one in Germany, as well as 261 additional individuals questioned about their involvement. The majority of the action occurred on January 11, when 22 locations were searched including private homes and call centers. Europol stated that the fraud group used advertisements posted to social media networks aiming to lure victims to websites operated by cyber criminals. The posts advertised risk free or exceptional investment opportunities related to crypto currency.  

The total amount stolen in the fraud is estimated to be around $2 million. The majority of the victims are located in Germany, but additional cases were identified in Switzerland, Australia, and Canada.

The coordinated action by Europol saw law enforcement interview more than 250 individuals and seize over 150 computers, various electronic equipment, and data back-ups, three hardware wallets that stored about $1 million in crypto-currencies, three cars, two luxury apartments, and €50,000 ($54,000) in cash.

Criminal groups may have made hundreds of millions of Euros as a result of fraudulent schemes which use fake bank call center scammers to persuade victims to part with their cash and call centre fraud is an increasingly popular way for criminals to social engineer their victims.

Crypto scams are popular with criminals, largely because they can get victims to invest large amounts of money, playing on most victims' ignorance about crypto and uneven lack of adequate crypto regulation.

Europol:      Sophos:     Benzinga:    Oodaloop:    Infosecurity Magazine:     Yahoo:   

You Might Also Read: 

Crypto Currency: From Bitcoin to Blockchain:

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible





 

« Cyber Security Issues For The Mobile Industry
Perfectly Coded APIs Can Be Susceptible To Attack »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Syxsense

Syxsense

Syxsense brings together endpoint management and security for greater efficiency and collaboration between IT management and security teams.

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Our Supplier Directory lists 6,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

DoD Cyber Crime Center (DC3)

DoD Cyber Crime Center (DC3)

DC3 is a US Department of Defense (DoD) center of excellence for Digital and Multimedia forensics.

Cyber Conflict Studies Association (CCSA)

Cyber Conflict Studies Association (CCSA)

Cyber Conflict Studies Association (CCSA) is a non-profit organization dedicated to leading a diversified research agenda in the field of cyber conflict.

National Cyber Security Centre (NCSC) - Netherlands

National Cyber Security Centre (NCSC) - Netherlands

NCSC Netherlands coordinates enhancing the cyber resilience of the Netherlands in the digital domain.

Secucloud

Secucloud

Secucloud GmbH is a provider of high-availability cyber-security solutions, offering a cloud-based security-as-a-service platform, particularly for providers.

IXDen

IXDen

IXDen provides a novel software-based approach to OT systems protection, covering Industrial IoT cybersecurity and sensor data integrity.

Portuguese Institute for Accreditation (IPAC)

Portuguese Institute for Accreditation (IPAC)

IPAC is the national accreditation body for Portugal. The directory of members provides details of organisations offering certification services for ISO 27001.

SOFTwarfare

SOFTwarfare

SOFTwarfare deliver high-quality, reliable and secure enterprise application integrations through RESTful APIs for Cyber, Ops & Dev.

CyberCX

CyberCX

CyberCX provides services from strategic consulting, security testing and training to world-class managed services and engineering solutions.

ISARR

ISARR

The ISARR software platform - your bespoke Risk, Resilience & Security Management solution. Simple, cost effective and adaptable, now and into the future.

Resilience Cyber Insurance Solutions

Resilience Cyber Insurance Solutions

Resilience Cyber Insurance combines insurance expertise with cybersecurity and data talent to deliver clear, effective solutions to protect you for the cyberrisks of today—and tomorrow.

INVISUS

INVISUS

INVISUS protects businesses against the latest cyber risks – including business and employee identity theft, data breaches, and cybersecurity compliance.

Nassec

Nassec

Nassec is a Cyber Security firm dedicated to providing the best vulnerability management solutions. We offer tailor-made cyber security solutions based upon your requirements and nature of business.

Laminar

Laminar

Laminar provides the only Public Cloud Data Protection solution that provides full visibility and enforcement capabilities across your entire public cloud infrastructure.

Entara

Entara

Entara (formerly YJT Solutions) is an eXtended Service Provider (XSP) focused on providing cutting edge technology and cyber security solutions to companies in regulated industries.

Cyber Security Works (CSW)

Cyber Security Works (CSW)

Cyber Security Works is your organization’s early cybersecurity warning system to help prevent attacks before they happen.

Apura Cybersecurity Intelligence

Apura Cybersecurity Intelligence

Apura is a Brazilian company that develops advanced products and provides specialized services in information security and cyber defense.