Major Cryptocurrency Pyramid FXO Uncovered in Greece

Greek police have arrested 17 people in connection with a major cryptocurrency fraud case. Investigators established that over $8 million USD passed through the pyramid scheme.

The scheme victimized at least 10,000 investors. Among those arrested were even 9 military personnel, indicating widespread trust in the organizers.

Scammers used the FXO platform under the guise of AT Team Greece. They presented themselves as the "Greek Artificial Intelligence Team," promising automated trading.

The scheme was based on false promises of high returns. Investors were guaranteed to double their investments in just 50 days with minimal risks thanks to AI usage.

The pyramid operated in a classic manner: payments to earlier participants were funded by funds from new depositors. To stimulate investments, access to money was restricted.

• Funds were locked for the entire 50-day investment cycle
• Withdrawals were impossible until the term ended
• Money withdrawals were completely halted starting September 1, 2024

The halt in payments served as a signal for law enforcement. The police conducted a large-scale operation to prevent further financial losses for citizens and bring those responsible to justice.