Police Dismantle EUR 700 Million Crypto Scam That Used Deepfakes

Europol and Eurojust led a massive international police operation that successfully dismantled a crypto fraud network that laundered over €700M using deepfake ads.

A massive, years-long international police operation has successfully taken down a huge cryptocurrency fraud and money laundering network in Europe. The entire investigation was a joint effort involving multiple national authorities, with key support from Europol and Eurojust.

According to Europol’s press release, what started as a probe into a single fraudulent platform grew into an incredibly complex case, revealing a criminal organisation that laundered over EUR 700 million by tricking thousands of victims into fake crypto investments.

The scam’s modus operandi involved scammers gaining victims’ trust with deceptive ads, including the use of deepfake videos to impersonate media outlets, celebrities, and politicians.

How the Network Operated

The scammers set up numerous fake investment sites, reportedly using aggressive marketing to lure people with promises of ...