Greek Police Arrest 17 Over $8M Crypto Investment Fraud Scheme

Highlights:

• Greek police arrested 17 people over alleged crypto investment fraud that attracted at least 10,000 participants.
• Authorities say more than $8 million flowed through the platform, which promised unusually high investment returns.
• Police seized cash and electronic devices during raids, while nine additional suspects were added to case.

Greek police have arrested 17 people in connection with an alleged cryptocurrency investment fraud scheme that attracted at least 10,000 participants. Authorities say more than $8 million flowed into the investment platform. The Hellenic Police announced the arrests on October 2 after a months-long investigation by officers in Katerini. Authorities said the group had been active since at least 2025 and used crypto investments to attract people into the operation.

Police said the suspects operated through companies that appeared legitimate and an online investment platform. Investors were allegedly promised unusually high returns, including claims that their initial capital could double within 50 days.

Police Say Scheme Used a Pyramid-Style Structure

According to the investigation, the operation followed a pyramid-style model. Members allegedly promoted high and guaranteed returns while claiming investors faced little or no risk. Other members were responsible for bringing new investors into the platform. Police said the operation did not have the required authorization from the relevant authority.

At least 10,000 people were recruited into the scheme. Authorities estimate that more than $8 million was deposited into the platform during its operation. However, police have so far identified 18 victims as part of the investigation. Those victims invested a combined €55,970 through the platform. The figures do not mean all 10,000 participants have been confirmed as victims. The police release only identifies 18 victims whose investments were examined during the investigation.

JUST IN: Greek police dismantle a crypto investment fraud ring; 17 arrested, with ~€8m involved and 10k+ participants. Ring operated as a pyramid scheme, froze withdrawals, and promised doubled payouts after 50 days. $BTC $ETH pic.twitter.com/LNoeOLVZ3H

— Bpay News (@bpaynews) October 3, 2026

17 Arrested as Police Search Offices and Homes

Greek authorities carried out coordinated raids across several parts of the country, including Pieria, Larissa, Mytilene, Patras, Ioannina, Komotini, Preveza, Attica and Kavala. Police arrested 17 alleged members of the organization, including two people described as its leaders. Police also opened a case file against nine additional alleged members.

Officers searched five offices, nine homes and other locations connected to the investigation. They seized €295,090 in cash, 32 mobile phones, 38 USB storage devices, 16 data-storage drives and 28 laptop and desktop computers. Authorities also confiscated 15 tablets, bank cards, SIM cards and a money-counting machine. A flare gun, three firecrackers and 26 metal pellets were found in the possession of one of the arrested individuals.

Suspects Referred to Investigating Magistrate

Police presented the arrested suspects to the Public Prosecutor of Katerini, who referred the case to an investigating magistrate for further proceedings. Authorities say the case involves an alleged crypto investment fraud scheme, not losses from normal cryptocurrency trading. Police said the platform attracted investors with promises of guaranteed returns and fast profits while members kept bringing in new participants.

The case comes as crypto-related security incidents continue to cause significant losses across the industry. According to PeckShieldAlert, the crypto sector recorded 55 major hacks in September 2026, with total losses reaching about $766.49 million. The figure was up roughly 462% from $136.3 million in August, largely driven by major incidents involving Bitget and Liquid Network. While those cases involved hacks rather than investment fraud, the figures highlight the wider risks surrounding crypto platforms and digital assets.

#PeckShieldAlert In Sep. 2026, the crypto industry experienced 55 major hacks, resulting in total losses of $766.49M – a ~462% month-over-month increase from August's $136.3M.

The #Bitget incident (~$387M) and #LiquidNetwork (~$320M, with $285M returned) have jumped to #1 & #2… pic.twitter.com/abePPGX7Y5

— PeckShieldAlert (@PeckShieldAlert) October 1, 2026