Greek authorities have detained 17 people in connection with an alleged cryptocurrency pyramid scheme run through the FXO investment platform, according to the source report. Investigators say the group promised to double crypto investments within 50 days and may have attracted at least 10,000 participants, collecting about $8 million.
The case was pursued across several parts of the country and ended with raids, asset seizures, and the presentation of the detainees before prosecutors. Regulators had already warned that FXO was operating without the required license.
How the alleged scheme operated
According to the investigation described in the report, the group presented FXO as a legitimate investment business, using a formal-looking corporate structure and an online platform. Its stated base was in Larissa, with additional branches in Katerini, Attica, Preveza, and on the island of Lesbos.
Authorities allege the operation functioned as a Ponzi scheme. Some members of the organization were assigned to recruit new participants, while the central pitch to investors was a promise that crypto deposits would be doubled in 50 days.
Scale of the case and confirmed losses
Investigators estimate the network brought in around $8 million and drew at least 10,000 people. Those figures describe the suspected overall size of the operation cited in the report, rather than a fully adjudicated loss total.
The investigation also identified 18 victims whose transfers through FXO were specifically documented. Their confirmed losses totaled €55,970, showing that only part of the broader suspected damage has so far been individually established in the case file.
Raids across multiple regions
The shutdown followed a coordinated law enforcement operation spanning Pieria, Larissa, Mytilene, Patras, Ioannina, Komotini, Preveza, Attica, and Kavala. Authorities said the multi-region action dismantled the group’s activities.
During searches, officers seized 32 mobile phones, 38 USB drives, 16 hard drives, 28 laptops and desktop computers, 15 tablets, and a video recorder. They also confiscated bank cards, SIM cards, a money-counting machine, and €295,090 in cash.
The report adds that one detainee was found in possession of a flare gun, three firecrackers, and 26 metal balls.
Regulatory warning and next legal step
Before the detentions, the Hellenic Capital Market Commission had warned that FXO did not hold the license required to offer such services. That earlier notice now forms part of the wider context around the criminal investigation.
After the raids, the 17 detainees and the case materials were taken to the prosecutor at the Court of First Instance in Katerini. They were then referred to an investigating judge, which is the next confirmed procedural step mentioned in the report.
Source: incrypted.com