Law enforcement in Europe confiscated three cars, two luxury apartments, $1 million in cryptocurrency and over 50,000 euros in cash. cryptocoin.com We have compiled the details of the cryptocurrency operation for you.
Arrested for cryptocurrency fraud
According to a press release, European Union Agencies Eurojust and Europol have collaborated to eliminate the crypto scam network operating in Bulgaria, Cyprus and Serbia. European Agencies have so far arrested 15 people for operating a crypto scam network that defrauded citizens of Germany, Switzerland, Austria, Australia and Canada for more than 10 million Euros.
The scammers used to operate through four call centers. European Agencies identified more than 250 workplaces and raided 18 locations. During these raids, they seized three cars, two luxury apartments, $1 million in cryptocurrency and more than 50,000 Euros in cash. The following statements were included in the press release:
“The network attracted potential investors online and made frequent phone calls to encourage victims to make small investments by speaking English and German. After the initial wins, the victims deposited more money and then lost.”
Scammers use artificial intelligence
Artificial intelligence has taken the internet by storm in recent months. But with great use cases, the chances of technology being used by scammers always increase. People can detect a scam when they receive a call or a direct message from an unknown person.
Scammers create manipulated videos of public figures using Artificial Intelligence. Such content is called Deepfake. A video of Sam Bankman-Fried tricking viewers into a fake website with giveaways was popular back in November when the company filed for bankruptcy.
The community needs to raise awareness so people don’t fall for such scams. It’s important to avoid clicking links from strangers in social media DMs. Additionally, whenever a deepfake video circulates, users should do some validation tests before taking action.
To tackle crypto scams, criminal departments and agencies must have knowledge of blockchain and other essential technologies. The UK National Crime Agency has announced a dedicated cryptocurrency to deal with crypto crimes.
Steps towards crypto regulation
Under Prime Minister Rishi Sunak, the UK government seems determined to regulate cryptocurrencies based on recent developments. In April, the Prime Minister, who was then Minister of Finance, tweeted, “We are working to make the UK a global crypto-assets hub.”
Edinburgh reforms, announced in December, said the government aimed to “create a secure regulatory environment for stable currencies that could be used for payments”. The government plans to not only regulate stablecoins, but also ‘regulate a wider range of investment-related crypto-asset activities’.
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