Crypto scammers. The investigation into social media victims

It was December 2024 when information that reached the Financial Police and Cybercrime Prosecution Service was assessed as highly credible, triggering one of the largest police investigations of recent years into financial crimes in the field of cryptocurrencies. The information indicated that a group of local men were systematically active in committing fraud, with operational offices in the Heraklion area, attracting unsuspecting citizens with the lure of easy and quick financial growth.

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According to patris.gr, the Hellenic Police's communication states that the police investigation that followed, lasting more than a year, was to reveal a well-organized criminal organization with transnational action, a hierarchical structure and distinct roles, which had been operating systematically since at least 2019. The pre-investigation material that was collected and submitted to the Prosecutor's Office describes a labyrinthine network of "pyramid"-type fraud (Ponzi scheme), which managed - according to the Hellenic Police - to extract millions of euros from unsuspecting investors, leaving behind a landscape of economic destruction.

The investigation was not limited to the initially mentioned individuals. Methodically and patiently, the authorities proceeded with a series of crucial investigative actions that proved decisive in dismantling the circuit. Provisions were issued to lift the secrecy of communications, bringing to light thousands of conversations that captured with cinematic precision the inner workings of the organization, its plans, its disagreements and the way in which it managed crises. At the same time, banking and tax secrecy was lifted for all the individuals involved, revealing a maze of financial transactions.

The organization's financial footprint was uncovered through banking institutions in Greece and abroad. European Investigation Orders were issued in countries such as France, Belgium, Germany and Malta, as well as requests for judicial assistance to the United Kingdom, Ireland and Denmark. The investigations also extended to electronic money institutions, where members of the organization maintained digital wallets.

The exchange of information through the national units of Europol and Interpol provided crucial information on individuals residing abroad. At the same time, the cooperation with the Capital Market Commission confirmed that none of the persons involved had the required license to provide investment services, which was a clear violation of Regulation (EU) 2023/1114 and Law 5193/2025. Even the customs office at the "Eleftherios Venizelos" airport cooperated, giving negative answers to cash transfer declarations, which revealed that the movement of money was mainly through the financial system and exchange offices.

Hierarchy, roles and personal stories

The analysis of all the evidence revealed an organization with a clear hierarchical structure and distinct roles, characteristics that precisely meet the definition of a criminal organization in article 187 of the Criminal Code. Its core was a four-member "leadership core", which had absolute control and directed the action. At the top of the pyramid was an Italian national, who presented himself as the founder and director of the companies from Dubai, having a central role in events and presentations and determining the amount of commissions for the other members. According to data collected by the Authorities and referred to in the transfer note, at least 487.000 euros were deposited in just one of his digital wallets, between 2021-2024.

Next to the leadership core, there were three other defendants. One of them, based in a city on Crete and operating a store under the guise of financial management consultants. From his handwritten notes found in a 2021 investigation, it emerged that he had received the astronomical sum of 5.843.153 euros and 21.000 dollars from his “clients” for investment, while his banking transactions and transactions at exchange offices amounted to almost 1,9 million euros. He was responsible for distributing roles and coordinating the other members. A second had the role of Global Sales Director in one of the company’s different “brands”, participating in events and giving investment advice. The third, who had the role of Country Manager for Cyprus, had recruited a network of 140 people on the front line and a total of 6.000 people under him, generating transactions exceeding 2 million euros.

At the next level of the hierarchy, three individuals played a prominent role in the recruitment of victims and coordination. One of them, with an office in another city on the island, had, according to the Police, a personal turnover that brought him hundreds of thousands of euros, while through conversations with him it was revealed that the leaders’ pure aim was to collect money from the lower levels of investors. A second, with an alleged status of a farmer, had traveled repeatedly to Dubai and had been photographed with other leading executives of the organization, while a bankruptcy petition he filed in 2025 proved to conceal large incomes from his illegal activities. A third, with long-term activity, specialized in transferring victims from old, collapsed schemes to new ones, thus continuing the vicious cycle of fraud.

The structure was completed by seven more operational members, with specific geographical responsibility for recruitment. Among them, a person who presented himself as the head of Greece in A… and had an image of a luxurious life with a sports car, a woman who created educational videos on YouTube promoting the scheme, a retired army officer who moved over 1,2 million euros through bank accounts, and others who operated locally, receiving cash and creating accounts for “investors”. Several others also participated in the organization as accomplices or passive participants, who on occasion offered assistance in the commission of the offenses.

The fraud methodology

The operation of the organization was based on a well-thought-out business plan. Its members, taking advantage of the ignorance and lack of knowledge of prospective investors about the world of cryptocurrencies, approached them with the promise of guaranteed and high returns (ROI) on investments. The reality was completely different, according to the Hellenic Police. The victims' money was never invested, but was placed in useless, internal "tokens", without any exchange value, which were created by the companies in the circuit themselves.

A classic tactic was the constant rebranding of platforms. All of these names referred to the same deceptive scheme. When a platform collapsed due to a lack of new funds, the organization created a new one, transferring the victims’ balances to it. In this way, victims maintained the illusion that their money was safe and that they had a new opportunity to recover their losses, often investing even more money.

To recruit new members, members of the organization acted as “leaders,” creating closed groups on platforms such as Telegram and Viber. There, they cultivated a climate of trust and legitimacy, organized webinars and presentations, and gave investment advice without any relevant license. Their reward was immediate and financial, as they received “referral bonuses” for each new member they recruited, as well as for the funds they invested. This system, known as Multi-Level Marketing (MLM), was in reality a classic pyramid scheme, where the profits of older members came exclusively from the contributions of younger ones.

The tactic of creating an artificial sense of urgency and a unique opportunity was characteristic. Victims were pressured to invest immediately, with the argument that investment packages would soon become more expensive or that the possibility of cash deposits would be abolished. The display of wealth by members of the organization, through photos on social media with luxury cars and trips, functioned as a powerful psychological tool to convince prospective investors that the investment really brought huge profits.

The case of the A. platform is illustrative. It was another rebranding, which was strongly promoted by specific members of the organization, such as a woman who had taken on the role of “responsible for Greece”. She, along with others, organized continuous webinars, cultivating the illusion of a new, great opportunity. The victims, many of whom had already lost money in previous schemes, were lured once again, placing thousands of euros, only to find a few months later, in December 2024, that the platform collapsed and their money had disappeared. In a conversation that was revealed, one of the organization’s leading executives admitted that he was receiving 2.000 euros per day from promoting A.

In addition to the fraud, the organization had developed a complex system of money laundering, according to the Police. The victims' money was channeled into a network of bank accounts in Greece and abroad, often with successive transfers to hide its tracks. Significant amounts ended up in cryptocurrency exchanges, where they were converted into real cryptocurrencies, such as Bitcoin and Ethereum, further increasing the difficulty of tracing them. At the same time, the members of the organization spent money on personal needs and to demonstrate their wealth. It is characteristic that, while their tax returns showed zero or very low incomes, and in some cases they even declared themselves "homeless" or "campers", their banking and non-banking transactions amounted to millions of euros.

The analysis of financial data by the Organized Crime Unit, in collaboration with the analysis of the Cybercrime Unit, revealed the enormous scale of their activity. Only the members of the organization that were identified allegedly obtained an illegal financial benefit exceeding 14,8 million euros, based on the recorded movements in bank accounts and exchange offices. The damage, however, for the victims is multiple, as estimated by the police investigation. From the 19 victim deposits examined alone, the total damage amounts to 204.900 euros, while the recorded conversations show a loss of over 556.000 euros for another 54 people. Globally, the WeWe Global (WEWEX) network handled over 176 million dollars.

The police operation and the revelation

The final blow to the organization was dealt in the early hours of March 5, 2026, with a coordinated police operation of simultaneous investigations in Rethymno, Heraklion, Attica and Igoumenitsa. Mixed teams of the Financial Police Service participated, with the support of local police departments and specialized officers of the Digital Evidence Examination Department.

The analysis of financial data from Organized Crime, in collaboration with the analysis of the Prosecution of Electronic Crime, revealed the enormous scale of their activity. Only the members of the organization that were identified, allegedly obtained an illegal financial benefit exceeding 14,8 million euros, based on the recorded movements in bank accounts and exchange offices. The damage, however, for the victims is multiple. Only from the 19 victim deposits examined, the total damage amounts to 204.900 euros, while the recorded conversations show a loss of over 556.000 euros for another 54 people. Globally, the WeWe Global (WEWEX) network moved over 176 million dollars.

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