Europol shuts down €50M crypto recovery scam network

Austrian and Albanian police arrested 10 people and shut down fraudulent call centers in Tirana. The call centers allegedly defrauded victims of ~€50 million through fake investment schemes and crypto recovery fraud.

Europol and Eurojust worked together on the operation, after a two-year investigation into a criminal network operating out of Albania’s capital. Authorities seized ~€900,000 in cash along with large quantities of IT equipment.

The call centers operated like professional businesses, employing as many as 450 people across departments, including IT and human resources. Individual operators earned ~$938 per month in salary plus commission.

Workers were organized by language specialization, targeting victims in specific markets. They built trust with potential victims before pitching fabricated investment opportunities and persuading them to transfer funds.

Eurojust wrote, “The online call centers run by the criminal network demonstrated a high level of organization and professionalism.”

Scammers target victims twice through crypto “recovery” schemes

According to Europol, some victims were hit twice.

After losing money in the initial fraud, they were contacted again and offered help in recovering their stolen funds. The supposed recovery service required victims to open crypto accounts and deposit an initial 500 euros.

“Alarmingly, the perpetrators re-contacted victims who had already suffered losses through fraudulent platforms, offering to help them recover their funds,” wrote Eurojust in a release.

Scamming the same person twice is a common tactic. Scammers often go after the same victims, or other people who buy their data do.

In the United States, the FTC advised consumers about double-scams. They wrote, “If you’ve lost money in crypto, scammers might try to convince you they can get your money back. (Spoiler alert: they can’t).”

Shutdowns of call centers have a limited impact

Despite the scale of the bust, anti-fraud specialists cautioned that dismantling individual operations does little to curb the broader problem.

The Western Balkans and parts of Eastern Europe have become particularly vulnerable to these operations, according to local media outlets.

Eastern Europe has a young, educated population with limited job prospects and scam centers that disguise themselves as legitimate companies.

Crypto users face a recurring risk. First, recovery scams that abuse fraud victims, and second, the use of crypto accounts for second-stage fraud. This adds to the crypto industry’s image problems with financial crime.

Europol characterized the network as “disrupted” rather than fully dismantled. It is yet unclear if police will be able to find and convict the people who set up the physical operations.