A gang in Austria lured 40,000 victims to invest in cryptocurrencies and real estate, making it the country's largest fraud case

2024-10-24 13:22:44

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ChainCatcher news, according to Protos, five suspects in Austria have been sentenced to prison for their involvement in a $16 million pyramid scheme that deceived 40,000 victims into investing in real estate and cryptocurrency. The perpetrators squandered the funds on luxury cars, private jets, and other extravagant items.

The trial lasted 60 days and is referred to as the largest fraud case in Austrian history.

Police stated that the involved gang used complex methods to conceal the flow of funds, making the investigation more challenging. Ultimately, the five defendants were sentenced to 18 months to 5 years in prison, while another five were acquitted.

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Cryptocurrency Fraud Case Record

This topic will track and collect various scams and fraud cases in the cryptocurrency field. We will regularly update the latest information on virtual asset investment fraud, fraudulent activities, and other criminal activities, revealing scam techniques and methods of evading detection, helping investors identify risks and protect their interests.

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