Greece uncovers $8 million crypto pyramid scheme linked to soldiers
Nine people in Greece, including two military personnel, are suspected of organizing a cryptocurrency pyramid scheme that attracted around $8 million from approximately 10,000 investors. Police arrested a total of 17 people as part of the investigation.
According to To Vima, participants in the scheme encouraged people to invest in cryptocurrencies through a platform they controlled. The minimum investment was €800, while so-called VIP investors were asked to contribute €5,000 with promises that their money would double.
Investigators consider two military personnel from Pieria and Larissa to be among the leaders of the alleged scheme. According to law enforcement officials, one of them learned about the business model from an acquaintance during a trip abroad.
AI enthusiasts' association used to attract investors
One of the channels used to recruit participants was a local association for artificial intelligence enthusiasts in Katerini. Its 44-year-old head was remanded in custody after questioning by an investigating judge, while six other members of the first group of detainees were released under restrictions and bail ranging from €15,000 to €20,000.
In Katerini alone, 1,842 people joined the alleged scheme and invested around €2 million. Across the entire network, police estimate that approximately 10,000 investors participated, contributing around $8 million.
The investigation began in July after two anonymous reports were submitted through the government's gov.gr portal. The information was forwarded to the Katerini police crime investigation unit.
The charges have not yet been considered by a court. Figures on the number of participants and the amount of money raised are based on preliminary police estimates.
Regulators step up fight against investment schemes
A similar method of attracting investors was at the center of two cases brought by the U.S. SEC in late September. According to the regulator, the organizers also promised high returns and directed clients to trading platforms they controlled, with combined losses of at least $15 million.
The alleged fraudsters used WhatsApp, Facebook and websites impersonating legitimate SEC-regulated companies to find victims. The schemes attracted hundreds of retail investors, including U.S. residents.
Earlier, we reported that a defendant in a phishing scheme targeting Coinbase users was sentenced to prison in Brooklyn. The fraud resulted in the theft of nearly $16 million in cryptocurrency.
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