Greek soldiers suspected of involvement in $8 million crypto pyramid scheme

PANews reported on October 5, citing Decrypt, that Greek prosecutors have accused a cryptocurrency Ponzi scheme of defrauding roughly 10,000 investors of about $8 million. Nine suspects, including two Greek soldiers, were questioned by an investigating judge on Monday. Police have arrested 17 people in the case, saying the organization operated as a Ponzi scheme and pushed investors to invest in cryptocurrency through platforms it controlled. The allegations have not yet been heard in court, and the figures come from police rather than charging documents.

The report said the organization recruited participants through a local civic group. A 44-year-old man who leads the Katerini AI enthusiasts association was remanded in custody, while six others were released under restrictions with bail set at €15,000 to €20,000. Investors were encouraged to put in at least €800, and VIP investors were asked to put in €5,000, with all promised their money would double. In Katerini alone, investigators estimate the organization recruited 1,842 members and collected about €2 million.