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European Law Enforcement Agencies recently raided crypto fraudsters in their different hideouts, dismantling a crypto scam network. The agencies involved in the raid include the European Union Agencies, Europol, and Eurojust.

They raided countries like Serbia, Cyprus, and Bulgaria. According to reports, the agency seized about $1 million worth of crypto and €50,000 in cash.

European Agencies Dismantle Criminal Network

Recently, fraudsters have devised a new technique to dupe unsuspecting crypto investors. They now offer attractive investment opportunities in cryptocurrencies to lure innocent citizens.

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Unfortunately, social media has made it easier for bad actors to reach a wider audience across multiple countries. In a recent raid, European Agencies arrested fifteen individuals operating a vast crypto scam network.

They have defrauded users from across Canada, Austria, Australia, and Germany of over €10 million. The criminals ran their operation using four call centers where they called individuals to invest in shady deals.

Law enforcement agencies raided eighteen locations and uncovered 250 workplaces. After the raid, the agencies seized two luxury apartments, three cars, and cryptos.

The press statement said:

“The network successfully drew in potential investors through online channels and frequently contacted them via phone to convince them to make small investments. The individuals behind the network were proficient in both German and English. Despite initial profits, victims were enticed to invest more money, but ultimately lost all the money they had invested.”

Fraudsters Using AI To Create Deepfakes

Artificial Intelligence (AI) has taken over the Internet in recent years, with new uses coming up every day. However, bad actors have capitalized on this technology to conduct criminal activities in cyberspace.

It is common for individuals to recognize a scam call or message from someone they do not know. However, what happens if they receive a call or message from a famous individual?

According to reports, scammers now use AI technology to create manipulated videos of famous individuals. Such technology is known as Deepfake.

In November 2022, a fake video of FTX founder, Sam Bankman-Fried, flooded the crypto community. In the video, Bankman-Fried can be seen directing people to a scam website using false promises of a giveaway.

Therefore, the community needs to raise awareness about scams so that investors do not fall victim to them. Crypto platforms have advised users to avoid clicking on suspicious links received through email or social media.

Furthermore, when a deepfake video is circulating, users are advised to conduct some verification tests before taking any action based on the content of the video. Meanwhile, government officials have repeatedly stated that crime agencies and departments do not have the proper knowledge and tools to fight crypto crime.

As a result, government agencies, including the UK National Crime Agency, have formed a crypto unit that will help combat crypto-based fraud.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.