Malta part of Europe-wide sting on crypto fraudsters

Maltese Police played a key role in an international operation which dismantled a major cryptocurrency fraud and money laundering network responsible for stealing over €700 million from thousands of victims across Europe.

The operation, coordinated by Europol, marked the culmination of years of investigation into a criminal ring that operated several fake cryptocurrency investment platforms across Europe and beyond.

Four Maltese victims lost a combined total of €493,750 through the elaborate scam, which used sophisticated advertisements promising high returns to lure investors into fraudulent schemes.

The Maltese Police’s Blockchain Analysis Unit identified the four cases of investment fraud, where victims were deceived by fake financial advisers who instructed them to use remote access tools and provide personal documents. The stolen funds were transferred through traditional banks, credit cards and cryptocurrency.

The criminal network attracted thousands of victims through polished advertisements on social media platforms, often using deepfake videos impersonating celebrities and politicians to appear legitimate. Once victims showed interest, they were repeatedly contacted by criminal call centres where callers used pressure tactics to convince them to make further payments by showing inflated profits on fake trading platforms.

Coordinated police raids were carried out in October across Cyprus, Germany and Spain at the request of French and Belgian authorities, leading to the arrest of nine individuals suspected of laundering illicit funds.

Authorities seized significant assets during the raids, including €800,000 in bank accounts, €415,000 in cryptocurrencies, €300,000 in cash, digital devices and high-value watches.

A second phase of the operation took place in November, targeting the marketing infrastructure that supports online scams. Coordinated actions were taken in Belgium, Bulgaria, Germany and Israel against companies behind fraudulent advertising campaigns.

The investigation uncovered more than €700 million laundered through cryptocurrency exchanges, exploiting digital anonymity to conceal illicit financial flows.

Authorities from Belgium, Bulgaria, Cyprus, France, Germany, Israel, Malta and Spain participated in the Europol operation, with investigative teams continuing to track the criminal organisation’s assets across the countries where it operates.​​​​​​​​​​​​​​​​