Greek Police Smash $8 Million Crypto Pyramid Scheme with 17 Arrests

Greek authorities have cracked down on a large-scale cryptocurrency pyramid scheme, arresting 17 individuals in a coordinated operation. The group, active since at least 2025, allegedly collected around $8 million from approximately 10,000 investors. Police seized cash, electronic devices, and even weapons during raids across nine regions, including Attica and Kavala.

The scheme promised investors that their initial capital would double within 50 days, using fake company structures and an online platform to appear legitimate. The operation had no license from the competent authority. Members of the group systematically lured investors with guarantees of high returns and minimal risk, while others focused on recruiting new participants to boost their own earnings, a classic pyramid structure.

Investigators based in Katerini led the probe, which resulted in the arrest of two alleged ringleaders. A case file was also opened against nine additional suspects. Police have so far identified 18 victims who collectively invested €55,970, though this is likely a small fraction of the total amount stolen. The recovered items include €295,090 in cash, multiple electronic devices, and even a flare gun.

The suspects have appeared before a prosecutor in Katerini and were referred to an examining magistrate. The investigation remains open, with authorities expecting the number of identified victims to rise.