Greece Cracks Down on $8M Crypto Investment Scheme

Greek authorities have arrested 17 individuals in connection with an alleged cryptocurrency investment scheme that collected over $8 million from at least 10,000 participants.

The suspects, including nine military personnel, were arrested on charges of running a pyramid operation using company structures and an online platform to present cryptocurrency investments as legitimate.

Police allege the platform promised to double investors' money within 50 days without authorization, and that members received bonuses for bringing in new participants. The operators initially gave participants the impression that their investments could generate profits before failing to return the deposited funds.