Greek Soldiers Among Alleged Leaders of $8M Crypto Pyramid Scheme

Greek authorities say nine people, including two members of the military, are suspected of leading a cryptocurrency pyramid scheme that collected about $8 million from roughly 10,000 investors. Investigators say the operation recruited through a local civic association and used a controlled platform to push investors into crypto, promising doubled returns on entry investments.

By AI Newsroom· Reviewed by Pranav, Founder & Editor-in-ChiefPublished 1 minute agoUpdated 1 minute ago0 views

Greek Soldiers Among Alleged Leaders of $8M Crypto Pyramid Scheme

Why It Matters

The case highlights ongoing fraud risks tied to crypto investment schemes and shows how civic groups or trusted social contacts can be used to recruit large numbers of retail investors. It also demonstrates the role of public digital reporting channels in launching investigations.

Key Facts

Number of suspects due before magistrate: Nine
Total arrests reported: 17
Alleged proceeds: About $8 million
Estimated number of investors: Around 10,000
Entry investment levels: €800 for regular, €5,000 for VIP

Greek police and prosecutors have accused nine people, including two servicemen, of heading an alleged cryptocurrency pyramid scheme that is said to have raised roughly $8 million from about 10,000 people. Authorities told the Athens daily To Vima that the scheme operated through a platform controlled by the suspects and pushed investors into cryptocurrencies with promises of rapid returns. According to police accounts, recruitment was in part conducted via a local civic group. Prosecutors said a 44-year-old who led the Association of Artificial Intelligence Friends in Katerini was remanded in custody after magistrates rejected his explanations. Six others from an initial group of seven arrested were released under restrictive conditions after bail was set between €15,000 and €20,000, the public broadcaster ERT reported. Officials said investors were encouraged to join at entry levels starting at €800, while so-called VIP investors were asked to contribute €5,000, with both tiers allegedly told their funds would double. Investigators estimate that in the town of Katerini alone the group signed up 1,842 members and collected about €2 million. The two military suspects are reported to be stationed in Pieria and Larissa; investigators said the serviceman from Larissa may have learned the recruitment method from an overseas contact. The probe began in July after two anonymous complaints were filed through gov.gr, Greece’s government digital services portal. None of the allegations has been tested in court and the figures reported to the press come from police sources rather than formal charging documents.