Greek police have dismantled a crypto investment fraud ring and arrested 17 people, including nine military personnel, according to BlockBeats. A preliminary investigation found that about 10,000 people took part in the scheme, with the average investment estimated at roughly €800 per person. Authorities said the total amount involved is believed to exceed €8 million.
Police said the operation showed clear pyramid-scheme characteristics, with participants promised higher returns for recruiting others. Investigators also said the group recently froze withdrawals and told investors that if they doubled their principal, they would receive double the amount back after 50 days. Authorities have so far seized about €280,000, and the investigation is ongoing.
Greek police have dismantled a crypto investment fraud ring and arrested 17 people, including nine military personnel, according to BlockBeats.
A preliminary police investigation found that about 10,000 people joined the investment scheme. The average amount invested was about €800 per person, putting the estimated total above €8 million.
Police said the group operated by offering higher returns to participants who recruited others, giving the scheme clear pyramid-style characteristics. Investigators also said the group recently froze withdrawals and told investors that if they doubled their principal, they would receive double the amount back after 50 days.
Authorities have seized about €280,000 so far. The investigation remains ongoing.
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