April 13, 2021

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Joint force arrests 20 crypto scammers across EU

2 min read

The digitization of monetary dealings and crypto trading has amplified crypto scammers’ convenience to the next level. The world is at the consumer’s disposal with mere a click of a button, this click is not limited to consumers and extends to criminal minds too.

The global shift into the virtual world compels law enforcement authorities across the world to join hands in fighting against cyber extortions, thefts, and scams. In a bid to crack down one such fraudulent organization “2BaGoldMule” was formed.

2BaGoldMule: Unified Operation against crypto scammers

European police officials of Portugal, Spain, Italy, Bulgaria, Latvia as well as the American Federal Bureau of Investigation worked closely to bust the money-laundering ring of 20 crypto scammers including natives of Russia, Ukraine, Georgia, Latvia, Bulgaria, Romania, and Belgium after carrying out multi raids through the region.

Transfer of millions of Euros has been reported through cryptocurrency dealings and fake accounts through banking institutions across the region. The tumbling process rendered transactions undetectable, and the fraudsters earned a 50 percent share in the dealing.

The crypto scammers have been accused of receipt of funds through an organized list of corporate stature bank accounts and have been levied charges as per the UK, US, Portugal, and Spain laws. Carlos Cabreiro, Cyber crime director for Portugal’s National Unit, commended the team on iits collaborative effort and encourage a centralized effort to minimize globally increasing cybercriminal activities.

Spreading cyber crime awareness, regulating and strict monitoring of crypto and digital channels has been observed in the virtual world in order to build trust, improve certainty and reduce volatility within digital consumers.

Rapid victimization of millions of online users is a possibility through digital channels, and one constantly explored by criminal minds, Edvardas Sileris, Head of European Cybercrime center – Europol applauded the joint efforts and said this being the only practical route to hold cybercriminals accountable.

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