European law-enforcement agencies working together with Eurojust have broken up a huge cryptocurrency fraud and money-laundering network that reportedly defrauded investors of about €600 million (≈ US$689 million).

Nine suspects were arrested in coordinated raids carried out between 27 and 29 October in Cyprus, Spain and Germany. Authorities also seized €800,000 from bank accounts, about €415,000 in cryptocurrencies, €300,000 in cash, and luxury watches — part of efforts to freeze illicit proceeds.

Investigators say the criminals created dozens of fake crypto-investment websites, luring victims with promises of high returns often advertised via social media, fake news articles and even bogus celebrity endorsements. Once funds were deposited, victims lost access — and the scammers laundered the money using blockchain-based schemes, making tracking difficult.

This case is considered among the largest cross-border crypto-fraud busts in Europe in recent years — a stark reminder of the growing sophistication and scale of digital-asset crime.