In Latvia, investigators have tracked down the suspect behind a scam crypto project that defrauded €500,000

Law enforcement in Latvia detained the suspect behind a fraudulent crypto project who fled with €500,000 from victims.

According to the Spanish Civil Guard, the detainee is the creator of the Hodlife project and the Hodlife token. He promoted the fraudulent platform on social media and hired an actor who appeared in a video presenting himself as the founder of a supposedly promising platform that promises quick profits.

In June last year, Hodlife’s creator carried out an exit scam and fled with investors’ funds. Preliminarily, more than 1,000 investors were harmed, and the amount of losses exceeded €500,000.

The stolen funds were laundered through mixing services, but authorities were able to establish links between various wallets and track down the perpetrator. He used forged documents and operated from Spain.

Interpol had been seeking the suspect since 2015. He was described as “one of the largest cryptocurrency scammers based in Spain.”

Earlier in Israel arrested the founder of ICO startups Sirin Labs, Stx Technologies Limited (Stox) and Leadcoin Moshe Hogeg on suspicion of cryptocurrency fraud and money laundering.

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