Greek soldiers among suspects in alleged $8M crypto pyramid scheme

Key Summary

Greek authorities have arrested 17 suspects, including nine military personnel, in a coordinated raid on a suspected $8 million crypto pyramid scheme. The operation, which allegedly collected funds from around 10,000 participants, was disguised as a legitimate investment platform promising to double investors' money in 50 days. Authorities seized approximately €295,090 in cash and electronic devices, with losses identified from victims totaling €55,970. The scheme reportedly ran without a regulatory license and relied on recruitment bonuses, with participants reluctant to report their involvement due to the incentive problem inherent in pyramid schemes.