Fraudulent Cryptocurrency Investment Scheme Arrests
The Metropolitan Police in London have taken into custody five individuals linked to a fraudulent cryptocurrency investment scheme that officials say has potentially swindled numerous individuals across the globe. Detective Sergeant Stephen Bourne from the London police emphasized the sophistication of the ruse, stating that the fraudulent websites appeared highly credible, featuring polished content, phony endorsements, and aggressive marketing methods designed to attract unsuspecting investors.
Details of the Arrest
The arrested suspects, whose ages range from 21 to 37, were apprehended on October 1 by the police’s economic crime unit on allegations of conspiracy to commit fraud. Following their arrest, they were released on bail while investigations progress. Authorities estimate the financial loss for victims to exceed $1.3 million (£1 million).
Investigators suspect the group operated a deceptive “boiler room” setup from London, making follow-up calls to persuade victims to invest additional funds in digital tokens that were allegedly never intended for legitimate exchange listings.
Wider Impact of Scams
Scams continue to pose a significant challenge for law enforcement agencies in the UK and elsewhere. During September 2025, the national fraud helpline, Action Fraud, logged nearly 50,000 phone calls and 9,000 online chats. This year, a total of 308,000 fraud reports have been filed with Action Fraud, representing a staggering financial implication of over $3.3 billion (£2.6 billion). Among these reports, 25,000 fell under the category of investment fraud, culminating in losses of around $1.3 billion (£1 billion).
Connections to Fraudulent Websites
Investigators have established connections between several fraudulent websites involved, including DTX Exchange, Intel Markets, Cryptids, Algo Tech Trades, and Unilabs Finance. Most of these platforms are no longer operational, except for Unilabs Finance, which still maintains an active presence online. This site presents itself as a leading “crypto superfund,” boasting a claim of managing assets worth $30 million. They have yet to respond to inquiries regarding the police allegations.
Challenges in Tracking Fraud
The Met Police highlighted the challenges posed by changing domain names of some deceptive platforms, complicating tracking efforts and increasing risks for investors. Detective Bourne recognized the severe repercussions fraud can inflict on victims, reaffirming the police’s dedication to investigating such offenses and assisting those impacted. He cautioned the public against any engagement with the aforementioned websites, asserting:
“Despite being in the early phases of our investigation, we suspect that victims from every part of the world are being affected.”
