Greek Police Crack Down on $8M Crypto Pyramid Scheme
Greek authorities have arrested 17 individuals, including nine military personnel, in a cryptocurrency investment scheme that allegedly collected over $8 million from at least 10,000 participants.
The suspects, who were arrested in a coordinated effort, are accused of operating a pyramid scheme that promised investors their money would double within 50 days without proper authorization.
According to investigators, the platform used company structures and an online platform to present cryptocurrency investments as legitimate, with members receiving recruitment bonuses for bringing in new participants.
Police seized €295,090 and identified 18 victims who deposited a combined €55,970, while estimating that at least 10,000 people had joined the platform.