Eurojust Leads Major Crackdown on Cryptocurrency Fraud in Europe, Halting Over 100 Million Euros in Illicit Transactions

Brussels, 23 September 2025 — Eurojust, the European Union Agency for Criminal Justice Cooperation, has successfully coordinated a wide-ranging international operation to dismantle a sophisticated criminal network involved in cryptocurrency fraud, which defrauded victims across Europe of more than 100 million euros.

The operation targeted an organised criminal group (OCG) running an illegal financial service that specialized in laundering proceeds of cryptocurrency fraud. The network, which was primarily active in Spain, Cyprus, France, Slovenia, and other European jurisdictions, was responsible for moving and laundering funds through complex cryptocurrency transactions, making it difficult for authorities to trace illicit gains.

Authorities arrested 23 suspects and executed 91 search warrants in coordinated raids conducted between October and November 2024 in Spain, France, Cyprus, and Slovenia. Law enforcement agencies seized a total of 8 million euros in cash, 2 million in bank accounts, and froze around 27 million euros worth of cryptocurrency assets. The investigation continues to unravel the full extent of the network’s operations.

International Collaboration Was Key to the Operation

The success of the investigation hinged on efficient cooperation between multiple countries’ judicial and law enforcement authorities supported by Eurojust and Europol. A Joint Investigation Team (JIT) was established, combining expertise and resources from Spain, Cyprus, Germany, France, and Slovenia to share intelligence and enhance operational coordination.

Europol contributed financial crime experts specializing in tracking cryptocurrency flows, dismantling complex money laundering schemes, and targeting high-risk organised criminal networks. This expertise proved crucial in tracing the flow of funds and identifying key operatives within the criminal organization.

Operation Highlights

• The network operated a highly professional and structured money laundering scheme with at least 52 members mainly based in Spain and Cyprus.
• Over 91 coordinated searches recovered millions in cash and frozen extensive cryptocurrency holdings.
• The criminals exploited fraudulent online financial services to launder their illegal profits.
• The operation is among the largest coordinated cryptocurrency fraud crackdowns in Europe to date.

Eurojust’s spokesperson emphasized the importance of cross-border judicial coordination in fighting modern financial crimes, especially as criminals increasingly use cryptocurrencies to evade detection and launder illicit funds.

Broader Context of Cryptocurrency Crime in Europe

This crackdown is part of a broader effort by European authorities to combat rising economic crimes involving cryptocurrencies. Investment and online fraud — especially fake crypto investment platforms — have cost victims millions across several European countries including Germany, Bulgaria, Serbia, and Cyprus. Prior coordinated actions supported by Eurojust and Europol have led to arrests and seizure of assets totaling tens of millions of euros in connection with similar schemes.

Such operations underscore the challenges faced by law enforcement in responding to transnational cyber-enabled financial crime and highlight the EU’s commitment to leveraging collaborative frameworks to protect consumers and financial markets.

Investigations into the criminal network are ongoing, with authorities continuing efforts to identify further suspects, recover assets, and dismantle related fraud schemes operating throughout Europe.