Greek authorities dismantle multi-million euro cryptocurrency pyramid scheme

Greek law enforcement authorities in Katerini have dismantled a criminal organization involved in a large-scale cryptocurrency investment fraud. The operation, which concluded following a months-long investigation, resulted in the arrest of 17 individuals across various regions of Greece, including nine active-duty military personnel. An additional nine individuals are included in the legal case file. The investigation revealed that the suspects operated a pyramid scheme, promising investors high and guaranteed returns with minimal risk, even claiming they could double capital within 50 days.

Since 2025, the organization allegedly used professional-looking corporate facades and an online platform to attract at least 10,000 potential investors. While the total illegal profit is estimated at approximately 8 million euros, investigators have identified 18 specific victims with a confirmed individual loss of 55,970 euros. During the coordinated police raids in ten regions, including Pieria and Larissa, authorities seized cash and various pieces of digital evidence. The arrested suspects were brought before the Public Prosecutor of Katerini and referred to investigative authorities for further questioning. The Hellenic Police are expected to issue formal statements regarding the full extent of the fraudulent operations soon.