Cryptocurrency fraudsters stole $ 80 million from digital token holders around the world

The Norwegian Economic Crime Investigation Agency Økokrim has charged four Norwegian citizens with $ 80 million in fraud and money laundering. According to the investigation, the scam lasted from 2015 to 2018 and was disguised as an investment project in the field of mineral extraction.

The fraudsters advertised the business at international conferences, offering investors a stake in the company in the form of shares or their own cryptocurrency. However, the investigation showed that the organization did not make any real investments and had no profit. Moreover, the investors themselves attracted new participants, which resembles a classic pyramid scheme.

The losses from the fraud exceeded $ 80 million, and investors from all over the world became victims. About $ 62 million was laundered through the accounts of law firms in Norway and companies in Asia. According to Økokrim, the use of complex financial structures made the investigation and tracing of the funds much more difficult.

The lawyers of the two defendants said that their clients do not admit any involvement in the fraud. The trial will begin in September and will last 60 days.

According to Chainalysis, the total losses from cryptocurrency fraud in 2024 have already exceeded $ 9.9 billion, which emphasizes the urgency of the problem of financial crime in the digital sphere.