Bulgaria participates in international bust of cryptocurrency fraud network laundering over 700M euro

Bulgaria’s directorate against cybercrime was among authorities participating in actions in a sweeping international operation that successfully dismantled a large-scale cryptocurrency fraud and money laundering network that had laundered more than 700 million euro, according to a December 4 statement by European police co-operation agency Europol.

Coordinated across multiple jurisdictions, these actions, carried out last month and earlier this week, mark the culmination of years of investigation and the effective disruption of a criminal operation that spanned Europe and beyond, Europol said.

“What began as an investigation into a single fraudulent cryptocurrency platform gradually unfolded into a complex, far-reaching operation, revealing a vast network of deceit and money laundering,” the statement said.

The criminal network operated numerous fake cryptocurrency investment platforms, luring thousands of victims with sophisticated advertisements promising high returns.

The victims were then repeatedly contacted by criminal call centres, where callers used social engineering to pressure victims into making further payments by showing them inflated returns on fake trading platforms.

Once victims had transferred their cryptocurrency, the funds were stolen and laundered across various blockchains and cryptocurrency exchanges.

As investigators peeled back the layers of the operation, it became clear that the network had grown far beyond a single fraud scheme, involving multiple fraudulent platforms and sophisticated financial infrastructure spanning Europe and beyond.

On October 27 2025, the first phase of the operation was executed, with coordinated police raids across Cyprus, Germany and Spain at the request of French and Belgian authorities. These initial actions led to the arrest of nine individuals suspected of laundering illicit funds generated by fraudulent cryptocurrency platforms.

Authorities seized millions of euros in assets, including 800 000 euro in bank accounts, 415 000 euro in cryptocurrencies, 300 000 euro in cash, digital devices and expensive watches.

Europol said that the operation was carried out in close collaboration with national authorities from France, Belgium, Germany, Spain, Malta, Cyprus and other countries. Europol and Eurojust supported this first phase of the investigation.

The second phase, targeting another key pillar of the investment fraud ecosystem, took place on November 25 and 26 2025.

It focused on the affiliate marketing infrastructure that supports these online scams. Coordinated actions were taken against the companies and suspects behind fraudulent advertising campaigns on social media platforms.

“In recent years, deceptive advertisements impersonating renowned media outlets, celebrities and politicians – often using deepfake videos – have posed a significant global challenge,” Europol said.

“The data of potential investors obtained through manipulated advertising, even on reputable platforms, is crucial to the functioning of the crypto-scam industry as a whole.”

During the action days, law enforcement teams in Belgium, Bulgaria, Germany and Israel carried out searches and additional operational measures with Europol’s support. Targets included companies that had previously offered affiliate marketing services.

The joint measures taken in October and November represent a coordinated strike against the various pillars of the online crypto fraud industry.

Following these two coordinated actions and multiple arrests and seizures, investigative authorities will continue to track the criminal organisation’s assets in the countries where it operates and resides, Europol said.

(Photo: Ilker/ sxc.hu)