They Made a Profit of 6 Million Euros with Fake Cryptocurrency

An operation was carried out against an organization that defrauded investors by issuing a new cryptocurrency in Europe.

Authorities in Austria, the Czech Republic and Cyprus, in cooperation with Eurojust and Europol, carried out coordinated raids on six locations and arrested six suspects.

It was reported that the suspects established an online trading company to launch a new cryptocurrency between December 2017 and February 2018.

A total of 10 million tokens were sold to investors in exchange for cryptocurrencies such as Bitcoin and Ethereum. Austrian fraudsters claimed that they had developed a special software and algorithm for token sales to gain the trust of investors.

Allegedly, fraudsters closed all social media accounts, including the company's website, in February 2018. According to the Eurojust statement, investors lost a total of 6 million euros.