International Sting Dismantles Cyprus-Based Crypto Fraud Hub Targeting Benelux Investors

Three suspects have been arrested in Cyprus in connection with an alleged crypto investment fraud network that targeted investors in Belgium and the Netherlands, according to the Cyprus Mail, with the operation coordinated by Europol.

Authorities stated the group ran a professional call center-style operation, using fake celebrity endorsements, social engineering, and remote-access software to steal tens of millions of euros from retail investors.

The investigation involved police forces from Cyprus, Belgium, and Greece, with reported losses reaching tens of millions of euros.

During raids, police seized hardware wallets, high-end computers, and €50,000 in cash, which may help investigators trace the broader money-laundering network and identify additional participants.

The group allegedly used fake advertisements on major social platforms featuring well-known public figures from the Benelux region to generate leads, which were then passed to "investment advisers" and "account managers" based in Cyprus.

Investigators said the suspects used remote-access software to take control of victims' devices, guiding them through account setup, accessing their screens, and moving funds into a chain of crypto wallets.

The withdrawal process followed a familiar scam-broker pattern, where victims were asked to pay additional "taxes," "guarantees," or other fees before funds could be released.

This operation aligns with a broader enforcement trend, as Europol and national authorities shift from taking down fraudulent websites to dismantling the organizations behind them.

In 2025, investigations uncovered a crypto fraud and money-laundering network allegedly processing over €700 million, leading to nine arrests, while another joint operation removed more than 1,400 fraudulent investment websites linked to fake broker networks.

The latest investigation targeted operational infrastructure, including call centers, account managers, and those coordinating investor contact, rather than focusing on websites or crypto wallets.