Greek police dismantle $8M crypto pyramid scheme

Investigators in Katerini spearheaded the operation, raiding offices and homes across Thessaloniki, Larissa, Patras, and the Dodecanese islands. The syndicate functioned through a rigid hierarchy, rewarding members with bonuses for recruiting new victims into a platform that never actually generated the promised profits. Police seized over €295,000 in cash, alongside a vast cache of digital evidence including 32 mobile phones, 28 computers, and 15 tablets, indicating a highly organized logistical structure.

While officials have identified 18 specific victims who lost a combined €55,970, the total scale of the fraud is estimated to exceed $8 million. The investigation revealed that two noncommissioned officers held leadership roles within the network, leveraging their positions to facilitate the illicit activity. The arrested suspects have already appeared before a Katerini prosecutor and were referred to an investigating judge as authorities continue to process the digital trail left by the operation.