Greek Police Dismantle $8M Crypto Pyramid Scheme, Arrest 17

Greek police have dismantled a cryptocurrency pyramid scheme that collected around $8 million from at least 10,000 participants, arresting 17 people in the process.

The scheme, which operated since at least 2025, promised investors high returns within 50 days with minimal or zero risk. However, it turned out to be a classic pyramid scheme, where members were promised high returns by recruiting new investors.

The group used legitimate-looking company structures and an online platform to lure investors, but had no license from the competent authority. Investigators in the northern city of Katerini led the months-long inquiry, which ended in coordinated raids across nine Greek regions.

During the raids, police seized €295,090 in cash, 32 mobile phones, 38 USB sticks, and 28 computers, among other items. The suspects were brought before a prosecutor in Katerini and referred to an examining magistrate, as the investigation remains open.