Greek Authorities Bust Pyramid Scheme Promising High Returns on Cryptocurrency Investments

Greek authorities have arrested 17 individuals in connection with an alleged cryptocurrency investment scam. The suspects, who allegedly operated along pyramid-scheme lines, promised investors high returns on their investments, claiming they could double their money in just 50 days.

The scheme reportedly involved recruiting new investors to earn higher potential earnings, a common tactic used by such scams. Among those arrested are reportedly members of the Greek armed forces, although details of their alleged roles have not been disclosed.

The case follows other cryptocurrency investment fraud investigations in Greece, which have targeted schemes promising unusually high returns and using new participants' money to pay earlier investors.