Organizers of an $8M Cryptocurrency Pyramid Scheme Arrested in Greece

Greek police carried out a large-scale operation to dismantle a cryptocurrency pyramid scheme, arresting 17 participants in the illegal operation. Among those arrested were nine military personnel.

In total, at least 10,000 people were involved in the fraudulent structure, and the total volume of funds raised exceeded $8 million USD.

The FXO platform was promoted by AT Team Greece, an organization that positions itself as the "Greek Artificial Intelligence Team." Investors were promised automated cryptocurrency trading with doubling of investments within 50 days without risks.

The investigation established that payments to earlier participants were made using funds from new depositors. Funds were locked for a 50-day investment cycle, and withdrawals were completely halted starting September 1.