According to crypto.news, Greek authorities have arrested 17 individuals suspected of operating a cryptocurrency investment scam. Greek police stated that the scheme raised over 8 million US dollars from at least 10,000 participants. On October 2, 2026, Greek police revealed that the case revolved around an unauthorized platform that promised to double investors' money within 50 days.
Key Points
- 17 suspects have been detained, among whom 9 are active-duty military personnel.
- Investigators linked the scam to over 8 million US dollars and approximately 10,000 participants.
- The police seized 295,090 euros in cash, as well as dozens of mobile phones, computers, and storage devices.
- 18 confirmed victims have suffered a total loss of 55,970 euros, but the actual number of participants is far more than that.
- After the suspect appears in court before Prosecutor Catelini, they will be heard by the investigating judge.
Greek police crack down on $8 million crypto scam
Greek police stated in a statement that this arrest was aimed at a gang suspected of operating in a pyramid scheme. The gang used a corporate structure and an online platform to present cryptocurrency investments as legitimate projects. According to the Greek public broadcasting organization ERT News, nine of the 17 people detained were members of the armed forces, and two of them were alleged to hold leadership roles within the network.
Investigators estimate that the platform raised over 8 million US dollars from at least 10,000 participants, a figure far higher than the number of victims that has been officially confirmed so far. ERT News reports that there are another 9 Greek suspects in the case files, including one member of the armed forces, indicating that the connection between this scam and the military may extend beyond the initial group of arrested individuals.
Operation method: Unauthorized platforms and pyramid schemes
The police claim that the platform promised high returns with almost no or no risk at all, and promised to double the invested funds within 50 days, yet it never obtained the necessary operating licenses. The police stated that such promotional claims, coupled with the lack of regulatory approval, constitute the core evidence for filing fraud charges against the gang.
Reports from ERT indicate that the scam revolved around a referral reward system, where members could earn bonuses by recruiting new participants, thus forming a hierarchical structure: the purported leaders controlled the operations, while the newly recruited members were responsible for expanding the scale of the scheme. The broadcasting organization stated that the operators initially convinced participants that their funds were generating profits, but later the platform stopped repaying the deposited money. Greek police have said that this operation has been in progress since at least 2025.
Investigations, seizures, and legal proceedings
The police conducted coordinated searches in five offices, nine residences, and other locations, seizing a large amount of evidence. According to the police, the items confiscated included 295,090 euros in cash, as well as 32 mobile phones, 28 computers, 15 tablets, 38 USB storage devices, 16 storage drives, bank cards, and a money counter.
According to ERT News, the offices involved in this online scam are located in several cities in Greece, including Katerini, Thessaloniki, Larissa, Patras, and an island in the Dodecanese Islands of the Aegean Sea. As part of the investigation, 18 victims have been officially identified, with a total deposit of 55,970 euros; however, the police estimate that the platform attracted at least 10,000 participants in total.
According to the police statement, the arrested individuals have been brought before Prosecutor Catelini, and subsequently the case was handed over to an investigating judge.
This article was generated with the assistance of artificial intelligence and has been reviewed by an editorial team.
