{"id":16543,"date":"2023-01-17T04:16:04","date_gmt":"2023-01-17T04:16:04","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/authorities-in-germany-bulgaria-serbia-cyprus-take-down-crypto-scam-network-regulation-bitcoin-news\/"},"modified":"2023-01-17T04:16:04","modified_gmt":"2023-01-17T04:16:04","slug":"authorities-in-germany-bulgaria-serbia-cyprus-take-down-crypto-scam-network-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/authorities-in-germany-bulgaria-serbia-cyprus-take-down-crypto-scam-network-regulation-bitcoin-news\/","title":{"rendered":"Authorities in Germany, Bulgaria, Serbia, Cyprus Take Down Crypto Scam Network \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Authorities in Germany, Bulgaria, Serbia, and Cyprus have taken down a cryptocurrency scam network in collaboration with Europol. \u201cThe suspects used advertisements on social networks to lure victims to websites covertly operated by the criminals, which offered seemingly exceptional investment opportunities in cryptocurrencies,\u201d Europol detailed.<\/strong><\/p>\n

Authorities Cracking Down on Cryptocurrency Scams<\/h2>\n

Europol announced Thursday that authorities from Bulgaria, Serbia, Cyprus, and Germany, in collaboration with Europol and Eurojust, have taken down \u201ccall centers selling fake crypto.\u201d<\/p>\n

The criminal network, operating through call centers, \u201clured victims into investing large amounts of money into fake cryptocurrency schemes,\u201d Europol explained, elaborating:<\/p>\n

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The suspects used advertisements on social networks to lure victims to websites covertly operated by the criminals, which offered seemingly exceptional investment opportunities in cryptocurrencies.<\/p>\n<\/blockquote>\n

Fifteen people have been arrested in the case while 261 were questioned and 22 locations were searched, including four call centers. The authorities also seized three hardware wallets containing about $1 million in cryptocurrencies, approximately 50,000 euros in cash, three vehicles, electronic equipment, documents, and data backups.<\/p>\n

Victims, primarily from Germany, were initially convinced to invest small sums of money. \u201cFake price hikes leading to supposedly lucrative profits for investors then persuaded them to make transfers of higher amounts,\u201d the EU law enforcement agency noted, adding:<\/p>\n

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Currently, it is estimated that the financial damage to German victims is over two million euro.<\/p>\n<\/blockquote>\n

Europol further revealed that there are also victims in other countries, including Switzerland, Australia, and Canada.<\/p>\n

What do you think about the authorities cracking down on cryptocurrency scams? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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