Greek soldiers suspected of involvement in an $8 million cryptocurrency pyramid scheme

According to Decrypt, Greek prosecutors have accused a cryptocurrency Ponzi scheme of defrauding approximately $8 million from around 10,000 investors. Nine suspects, including two Greek soldiers, were questioned by investigating judges on Monday. Police have arrested 17 people in connection with the case, stating that the organization operated as a Ponzi scheme and encouraged investors to invest in cryptocurrency through its controlled platform. The related charges have not yet been heard in court, and the data comes from the police rather than indictment documents.

The report states that the organization recruited participants through a local civic group. A 44-year-old man, who leads the Katerini Artificial Intelligence Enthusiasts Association, has been remanded in custody, while six others have been released under restrictions with bail set between €15,000 and €20,000. Investors were encouraged to invest at least €800, while VIP investors were required to invest €5,000, with promises of doubling their funds. In Katerini alone, investigators estimate that the organization recruited 1,842 members, collecting approximately €2 million.