Greek Authorities Dismantle $8M Crypto Scam Led by Military Officers

Greek authorities have dismantled a massive cryptocurrency investment scam that promised high returns with little to no risk. The operation, which collected over $8 million from at least 10,000 investors, was led by two non-commissioned military officers.

The suspects, who were arrested on October 2, used a platform that promised to double invested funds in just 50 days. However, the platform lacked proper authorization for such services, and participants were led to believe that their investments were making profits.

Police searched five offices and nine houses related to the case, seizing cash, electronic devices, and equipment that can help in tracing transactions and communications made through the platform. At least 18 victims have been identified, with total deposits totaling over €55,970.

Greece has previously targeted cryptocurrency-related crimes, including the seizure of assets linked to the $1.5 billion Bybit hack in 2025. The current case highlights the growing concern of fake crypto platforms and the need for authorities to crack down on such schemes.