- Greek law enforcement detained 17 members, including two alleged leaders, of an organization investigators linked to the FXO investment platform.
- Investigators said the group attracted at least 10,000 people and received about $8 million after promising to double cryptocurrency investments within 50 days.
- Authorities identified 18 victims with confirmed losses totaling €55,970 and seized €295,090 in cash during searches.
Greek law enforcement detained 17 members, including two alleged leaders, of an organization investigators say had operated the unlicensed FXO investment platform across several regions since at least 2025. Investigators said the group promised to double cryptocurrency investments within 50 days, attracted at least 10,000 people and received about $8 million through the platform.
The organization operated under the guise of FXO and used ostensibly legitimate corporate structures and an online platform headquartered in Larissa, according to investigation findings cited by media outlets. It also maintained “branches” in Katerini, Attica, Preveza and on the island of Lesbos.
Investigators describe Ponzi scheme
According to investigators, the group operated a Ponzi scheme and told prospective clients they could earn high, guaranteed returns with minimal or no risk by investing in cryptocurrencies. Some members were responsible for recruiting potential “investors.”
The Hellenic Capital Market Commission had previously warned the public about FXO and advised citizens not to invest through the platform because it lacked the required license.
Although investigators said at least 10,000 people were drawn to the platform, they identified 18 victims who invested through FXO. Those individuals had combined confirmed losses of €55,970.
Searches and seizures
Law enforcement conducted a coordinated operation in Pieria, Larissa, Mytilene, Patras, Ioannina, Komotini, Preveza, Attica and Kavala. Authorities detained 17 members of the organization and opened proceedings against nine other individuals.
Officers searched five offices, nine homes and other premises. They seized 32 mobile phones, 38 USB drives, 16 hard drives, 28 laptop and desktop computers, 15 tablets and a recorder from a video-surveillance system, according to media reports.
Authorities also confiscated bank cards, SIM cards, a money-counting machine and €295,090 in cash. One detainee was additionally found with a flare gun, three firecrackers and 26 metal balls.
The detainees and the criminal case materials were taken to the prosecutor at the Court of First Instance in Katerini and subsequently referred to an investigating judge.
Source: Incrypted
