Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Europol Busts Latvian Crypto Phishing Ring, Seizing Millions

Europol Busts Latvian Crypto Phishing Ring, Seizing Millions

BeInCryptoBeInCrypto2025/10/20 12:56
By:Landon Manning

Europol took down a vast Latvia-based crypto phishing ring behind $5.7 million in thefts and millions of fake accounts. The bust marks a significant win in the ongoing global fight against sophisticated digital scams.

Europol broke down a major crypto phishing ring responsible for at least $5.7 million in thefts. Criminals based out of Latvia operated millions of fake accounts to scam users across Europe.

Police seized $330,000 in crypto from the criminals, but more money may be unaccounted for. Crypto crimefighters worldwide are trying to crack down on phishing scams, but it’ll be a long battle.

Europol Fights Crypto Phishing

All varieties of crypto crime are skyrocketing right now, but phishing scams are especially prevalent. These crimes stole $12 million in August after only $5 million in April, and the number keeps rising.

However, Europol just broke down a crypto phishing scam ring, potentially easing the burden:

Europol and Latvian law enforcement dismantled five servers, seized 1,200 SIM box devices and 40,000 active SIM cards.The criminals were linked to over 1,700 cyber fraud cases in Austria and 1,500 in Latvia, causing losses of several million euros, including EUR 4.5 million in…

According to Europol’s press release, this SIM “farm-for-hire” operated 49 million fake accounts to do phishing attacks worldwide. It was linked to at least 1700 digital fraud cases, and stole at least $5.7 million from victims in Latvia and Austria alone.

Most of its victims, however, were Russian speakers, and Russia is not a member of Europol. In other words, the group may have stolen a much larger amount.

Police seized less than $1 million in hard assets, not including a few luxury cars and hardware that facilitated the crimes.

These hackers used a variety of tactics from impersonating loved ones or law enforcement, fraudulent business deals, and even heinous methods like distributing child sexual abuse material for blackmail purposes.

Will This Reduce Crypto Scam Calls?

The group was based in Latvia, and it had clear familiarity with the crypto industry; police seized around $330,000 in various tokens. Europol’s statement does not seem particularly interested in separating crypto phishing incidents from non-Web3 crimes, but it’s highly likely.

Hopefully, more details will surface in the future. These criminals may have only been using crypto for money laundering, or they may have created Web3-native attacks.

Either way, Europol has been making real progress in fighting crypto crime lately, and this phishing ring seems like part of it. Lately, digital crimefighters have been proactive in taking down these scams, which have become particularly pernicious.

For example, AI-generated audio has enabled bolder impersonation phishing scams, and at least one crypto enthusiast hopes that Europol will cut down on them. Still, this fight will be long and difficult.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitcoin News Update: Regulators Walk a Fine Line Between Crypto Expansion and Derivatives Hazards

- Bitcoin fell to $87,000 in late November 2025 amid bear market conditions, driven by Fed rate uncertainty and $248M+ derivatives liquidations. - Market focus centers on four factors: rate expectations, inflation, MSCI crypto index inclusion, and derivatives stress impacting leveraged positions. - Institutional demand showed mixed signals with $128.6M Bitcoin ETF inflows, while regulatory scrutiny intensified in South Africa and Abu Dhabi. - Key December data (jobs/PCE) and potential $90,000+ monthly clos

Bitget-RWA2025/11/30 03:44
Bitcoin News Update: Regulators Walk a Fine Line Between Crypto Expansion and Derivatives Hazards

Dogecoin News Update: Argentina Sees Spike in Dogecoin Usage While Prices Dip Amid ETF Developments and Large Holder Sell-Offs

- Argentina's Dogecoin adoption surges amid 31% inflation, with crypto trading hitting $93.9B as an alternative to the volatile peso. - Grayscale's DOGE ETF launch failed to boost prices, as whale sales of 7B tokens created supply overhangs and technical indicators signaled bearish trends. - BBVA Argentina's Q3 report highlighted economic challenges including 70% peak deposit rates and rising NPLs, reinforcing crypto's appeal as a value store. - Long-term adoption depends on regulatory clarity and market s

Bitget-RWA2025/11/30 03:44
Dogecoin News Update: Argentina Sees Spike in Dogecoin Usage While Prices Dip Amid ETF Developments and Large Holder Sell-Offs

TWT’s Updated Tokenomics Framework and What It Means for DeFi Investors: An In-Depth Analysis of Incentive Structures and Sustainable Value Growth

- TWT's 2025 tokenomics model combines deflationary supply (post-2020 burn of 90% tokens) with utility-driven incentives like Trust Premium and FlexGas to align user behavior with long-term value. - Governance rights and RWA integrations (e.g., U.S. Treasury bonds via Ondo Finance) enhance TWT's utility, attracting institutional investors and bridging DeFi with traditional finance. - Binance co-founder CZ's endorsement and bullish price projections ($15 by 2030) highlight TWT's potential as a hybrid asset

Bitget-RWA2025/11/30 03:28
TWT’s Updated Tokenomics Framework and What It Means for DeFi Investors: An In-Depth Analysis of Incentive Structures and Sustainable Value Growth