Crypto fraud and laundering ring that stole $689 million busted by European authorities — 9 arrests made across multiple countries, perps face a decade behind bars and huge fines

European authorities have dismantled a crypto fraud and money laundering ring that stole $689 million, resulting in 9 arrests across multiple countries. The perpetrators face charges including organized fraud, money laundering, and offering unlicensed investment services, with potential sentences of up to 10 years in prison and hefty fines. The investigation, dating back to 2023, involved fake cryptocurrency investment platforms that lured victims through social media and cold calling. The bust, coordinated by Eurojust, seized significant assets including cash, cryptocurrencies, and luxury watches, with ongoing investigations into related properties. This operation is part of a broader crackdown on financial crimes involving cryptocurrencies in Europe.