Europol uncovers $ 5.7 million cryptocurrency phishing network

Europol has uncovered a large-scale digital fraud network operating from Latvia and using about 49 million fake accounts. Investigators estimate that the total losses amounted to at least $ 5.7 million. Law enforcement officers linked the scheme to more than 1,700 cases of fraud in several countries, including Austria. During the searches, about $ 330,000 in cryptocurrency was seized, as well as luxury cars and other assets purchased with allegedly criminal proceeds.

According to Europol, the group members used a wide range of social engineering techniques. The criminals often posed as relatives, police officers, or company executives to gain access to money or confidential information. In some cases, blackmail was used with the use of illegal content to force victims to make payments.

Most of the victims were Russian-speaking, but the scale of the operation probably goes beyond the European Union. Experts suggest that the actual losses may be much higher than the officially established amounts. The investigation is an example of how rapidly digital fraud methods are changing, especially in the field of cryptocurrencies.

The exposure of the network took place against the backdrop of a growing number of phishing attacks. In August, criminals stole more than $ 12 million through similar schemes, while in April this amount was $ 5 million. Experts note that fraudsters are increasingly combining traditional cybercrime with blockchain technologies, which makes it difficult to combat them.

Europol has announced its intention to strengthen cooperation between member states to combat cryptocurrency. At the same time, law enforcement officials recognize that the fight against digital fraud will be long and difficult, as new technologies provide criminals with more and more tools for deception.