Greek Servicemen Among Suspects in $8M Crypto Pyramid Scheme

Greek authorities have made significant progress in dismantling an alleged cryptocurrency pyramid scheme that targeted approximately 10,000 investors and amassed $8 million. The investigation led to the arrest of 17 individuals, including two servicemen accused of playing leadership roles in the operation. Prosecutors claim the group used a controlled platform to direct investors into fraudulent crypto investments, promising unusually high returns.

The nine primary suspects, including the servicemen from Pieria and Larissa, were scheduled to appear before an investigating magistrate. Investigators believe the serviceman from Larissa learned the scheme from a contact made during international travel. Authorities are scrutinizing whether military personnel facilitated the organization and expansion of the investment network, as well as how participants were recruited and funds were moved through the platform.

Investors were reportedly encouraged to deposit at least €800, while VIP participants were asked to contribute €5,000, with promises that their investments would double. In Katerini alone, around 1,842 members deposited approximately €2 million into the scheme. The Association of Artificial Intelligence Friends in Katerini served as a recruitment vehicle, with a 44-year-old leader of the association remanded in custody. Six other suspects were released under restrictive conditions, with bail set between €15,000 and €20,000.

The investigation began in July after two anonymous complaints were filed through gov.gr to the Katerini Sub-Directorate for Crime Investigation. Authorities traced the alleged organization, leading to the arrests. The case highlights the broader enforcement focus on fraudulent crypto investment platforms, where controlled websites can mimic legitimate investment activity. The central questions now revolve around individual roles, the flow of investor funds, and whether prosecutors can substantiate the pyramid-scheme allegations before the courts.