Greek Military Personnel Among Suspects in $8M Crypto Scam

Two Greek military personnel are among nine individuals accused of orchestrating an 8 million dollar cryptocurrency pyramid scheme that allegedly drew in around 10,000 investors. The suspects were scheduled to provide statements to an investigating magistrate on Monday. Authorities have detained 17 people in connection with the alleged scheme, which prosecutors claim functioned as a pyramid operation, luring investors into cryptocurrencies through a controlled platform. The reported figures and allegations have yet to be verified in court.

The group reportedly used a local civic organization, the Association of Artificial Intelligence Friends in Katerini, as a recruitment tool. A 44-year-old leader of this association was remanded in custody after magistrates and prosecutors found his explanations unconvincing. Six others from the initial group of seven arrests were released on bail, with amounts ranging from €15,000 to €20,000, according to public broadcaster ERT.

The two military suspects hail from Pieria and Larissa. Investigators suspect the Larissa serviceman learned the scheme's methods from a contact made during international travel. The operation promised investors that their money would double, with standard contributions starting at €800 and VIP investors asked for €5,000. In Katerini alone, the organization reportedly recruited 1,842 members and collected approximately €2 million.

The investigation began in July following two anonymous complaints submitted through the Greek government's digital services portal, gov.gr, to the Katerini Sub-Directorate for Crime Investigation.