In Greece, a Large-Scale Crypto Pyramid Scheme Was Shut Down: 10,000 Victims and $8 Million in Losses

• In Greece, authorities detained 17 members of a group that promised to double crypto investments in 50 days.
• According to investigators, the organization brought in at least 10,000 people and collected around $8 million.
• During searches, law enforcement seized equipment, bank cards and SIM cards, as well as €295,090 in cash.

In Greece, law enforcement uncovered a criminal organization that, since at least 2025, operated in various regions of the country under the guise of the FXO investment platform. Media outlets reported this, citing the findings of the investigation.

According to investigators, the group set up a Ponzi scheme and promised investors it would double their initial capital within 50 days through cryptocurrency investments. Members of the organization convinced potential clients they could earn high, guaranteed returns with minimal or zero risk.

The organization operated through ostensibly legitimate corporate structures and an online platform headquartered in Larissa. It also had “branches” in Katerini, Attica, Preveza, and on the island of Lesbos.

To recruit new participants, some members of the group were tasked with finding potential “investors.”

The platform did not have a license

According to available information, the Hellenic Capital Market Commission had previously issued a warning about FXO. The regulator advised citizens not to invest through the platform, as it did not have the required license.

According to the investigation, the organization attracted at least 10,000 people, and the total amount of funds that flowed into the platform was around $8 million.

At the same time, investigators identified 18 victims who invested funds through FXO. The total confirmed losses for these individuals amount to €55,970.

To shut down the group’s operations, law enforcement carried out a coordinated operation in Pieria, Larissa, Mytilene, Patras, Ioannina, Komotini, Preveza, Attica, and Kavala.

In total, 17 members of the organization were detained, including two leaders. Proceedings were opened against another nine individuals.

During searches of five offices, nine residential buildings, and other premises, law enforcement seized 32 mobile phones, 38 USB drives, 16 hard drives, 28 laptops and desktop computers, 15 tablets, and a video recorder from the surveillance system.

They also seized bank and SIM cards, a money-counting machine, and €295,090 in cash. One of the detainees was additionally found to have a flare gun, three firecrackers, and 26 metal balls.

The detainees, along with the materials of the criminal case, were taken to the prosecutor at the Court of First Instance in the city of Katerini. They were then referred to an investigating judge.

As a reminder, we previously reported that in Ukraine, a shadow financial network conducting transactions in digital assets was uncovered.

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