Europol Dismantles Major Crypto Phishing Ring Behind $5.7 Million in Thefts

Europol has taken down a massive crypto phishing ring operating out of Latvia, responsible for stealing at least $5.7 million from unsuspecting victims across Europe. The cybercriminals ran a sophisticated “SIM farm-for-hire” scheme that utilized over 49 million fake accounts to conduct large-scale phishing attacks and digital fraud worldwide. The operation was linked to more than 1,700 cases of online scams targeting users primarily in Latvia and Austria, though the total number of global victims may be far higher.

Authorities seized roughly $330,000 worth of cryptocurrency, several luxury vehicles, and various hardware devices used in the scams. Despite the success of this major bust, much of the stolen money remains unaccounted for. Europol’s statement indicates that many of the group’s victims were Russian speakers, suggesting that the total losses could extend beyond current estimates since Russia is not a Europol member.

The criminals employed a wide range of deceitful tactics, from impersonating family members and law enforcement officers to executing fraudulent business deals. In some extreme cases, they used child sexual abuse material to extort victims—an indication of how far such cybercrime rings are willing to go to exploit individuals.

Crypto phishing scams have surged in recent months, with global thefts jumping from $5 million in April to over $12 million in August. The takedown of this Latvian-based network marks a crucial win for Europol and highlights growing international cooperation in the fight against crypto-related crimes.

As digital scams become more sophisticated—especially with AI-generated audio aiding impersonation attempts—Europol’s actions show progress in curbing crypto fraud. However, experts warn that the battle against crypto phishing and online fraud is far from over.