Police in the Netherlands and Belgium say they have taken apart an international crypto investment fraud network that had been active since at least 2021. Investigators said the operation, at its height, generated more than €100 million a month while targeting victims around the world.
According to authorities, the scheme was run on an industrial scale. It allegedly relied on roughly 20 call centers, more than 700 staff, and a central office that coordinated the activity in a structure police compared to a large company.
How the alleged scam worked
Investigators said victims were first drawn in through advertisements on social media. They were then contacted by people presenting themselves as financial advisers and taken through a carefully staged process designed to build trust and encourage larger transfers.
Police said targets were shown fabricated gains on a fake trading platform after making initial deposits. Once confidence had been established, they were persuaded to send more money, mainly in cryptocurrency. When victims later tried to withdraw their funds, contact with the supposed advisers would stop, according to the investigation.
Losses spread across countries
Authorities linked the network to tens of thousands of potential victims worldwide. In the Netherlands alone, investigators estimated losses at about €25 million, while Belgian authorities said more than 200 victims had been identified there.
Law enforcement said the scale of the operation helps explain how the group was able to collect such large sums. The network was described as centrally managed but internationally distributed, with several offices supporting the wider fraud operation.
A second wave of fraud
Police said some victims were targeted again after the original scam. In this follow-up phase, fake asset-recovery companies allegedly approached people with promises to help retrieve lost funds.
Those offers also formed part of the fraud, investigators said, as victims were asked to pay an upfront fee for assistance that never materialized. The tactic allowed the group to extract additional money from people who had already suffered losses.
Organizer identified in reports
One key organizer was identified as Ehud, or Udi, Tenenbaum, also known as The Analyzer. He has previously been associated with high-profile cybercrime cases dating back to the Solar Sunrise incident.
The source article says investigators identified Tenenbaum as a central figure in the network. Authorities emphasized more broadly that the alleged operation functioned like a corporation, with a headquarters-style office directing multiple international branches.
What is confirmed so far
The confirmed public account from Dutch and Belgian authorities is that the fraud network has been dismantled after operating for years across borders. Officials say the case involved a highly organized structure, large monthly turnover, and a victim count reaching into the tens of thousands.
At this stage, the reported facts center on the scale of the operation, the methods used to deceive investors, and the cross-border nature of the investigation. The article does not provide further official detail on charges, court proceedings, or any final recovery of victims’ funds.
Source: incrypted.com