Six individuals detained in relation to an Austrian cryptocurrency fraudulent operation, resulting in the freezing of assets valued at €2 million.

Authorities from Austria, Cyprus, and the Czech Republic have successfully apprehended six individuals involved in an online scam related to a new cryptocurrency. The joint operation, supported by Eurojust and Europol, resulted in the freezing of assets worth €2 million. The scammers posed as a legitimate trading company and offered 10 million tokens of the new currency for sale, accepting payments in Bitcoin and Ethereum. However, they abruptly closed their social media accounts and website in February 2018, leaving investors with losses estimated at around €6 million. Eurojust played a crucial role in coordinating the operation, while Europol provided support through a mobile office in Cyprus and operational meetings. In a separate incident, Instagram influencer Jebara Igbara, also known as “Jay Mazini,” has been sentenced to seven years in prison for orchestrating a multi-million dollar crypto Ponzi scheme. Queensland Police have also arrested and charged four individuals involved in a crypto investment fraud in Australia. The first quarter of this year has seen $336 million lost to Web3 hackers and fraud.