Italian and Albanian authorities uncover cryptocurrency investment fraud scheme

Italian and Albanian authorities, with the support of Eurojust, uncovered a cryptocurrency investment fraud scheme.

#Eurojust has helped authorities in Italy and Albania to take down a criminal group that defrauded online investors.

From a call centre in Tirana, victims were conned out of money with various tricks.

The total damage is estimated at EUR 15 million.

👉 https://t.co/9tPhRf9NyH pic.twitter.com/S6qRalwKGX

— Eurojust (@Eurojust) December 19, 2022

Based on preliminary data, the scheme netted €15 million (~$16 million) for the organized crime group. The call centre was based in Tirana.

Criminals contacted victims by phone, using VPNs and anonymous virtual numbers, and urged them to open an account on an unnamed platform.

They promised quick gains with small initial investments in cryptocurrencies “with zero risk.” Later, the scammers urged victims to increase their investments, used remote-access software to take control of computers, and altered account details.

During the operation from 13 to 15 December, authorities in Italy and Albania conducted searches, seizing more than 160 electronic devices (computers, servers), a mobile phone, and assets worth €3 million.

Earlier, Scotland Yard’s cybercrime unit shut the fraudulent iSpoof site and arrested more than a hundred people linked to its operation after studying cryptocurrency transactions.

Earlier in December, CertiK reported a rise in the number of fake YouTube videos advertising front-running bots for trading by 500%.

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