By William Janes ( September 23, 2025, 2:12 PM BST) — Five people have been arrested on suspicion of carrying out a €100 million ($118 million) cryptocurrency fraud in a joint international operation by law enforcement agencies across Europe, a European Union law authority said Tuesday….
Crypto
How people are getting caught in the cryptocurrency ‘wild west’
Queenslanders have misplaced practically $40 million to funding scams together with cryptocurrency swindles this yr — the best loss ever recorded within the state.
Australian Competitors and Shopper Fee (ACCC) figures from January 1 to August 28, present Queenslanders misplaced $38.6 million in funding scams.
On the similar time final yr, Queenslanders had been defrauded of simply $19.8 million.
Nationally, $263 million has been misplaced this yr, virtually double the losses in 2021.
One of many state’s prime monetary crime cops says the new breed of crypto-scammers are more and more utilizing refined methods to lure their victims in, together with posing as celebrities and at the same time as Queensland cops on social media.
Australian Federal Police (AFP) have additionally known as cryptocurrency an “rising risk” with one report each eight minutes final monetary yr, a 13 per cent enhance on the earlier yr.
Cryptocurrency funding scams are the primary driver of the rise and a file variety of Queenslanders are paying the worth.
Listed below are their tales.
‘Groomed’ and ‘conned’
Sunshine Coast girl Ella (not her actual title) misplaced her life financial savings by means of a refined and complicated scheme.
Over a five-week interval, she mentioned she was “groomed” and “conned” to make three deposits of $34,000 to what she believed to be a professional web-trading platform.
“My financial institution … did not provide you with any warning indicators that might have made me suppose: ‘It is a bit dodgy’,” she mentioned.
After depositing the funds, the cash was transformed into cryptocurrency accessible by way of a “pockets” handle.
She mentioned the net portfolio appeared to correlate with the inventory alternate giving the phantasm that it was professional.
“The factor is, none of it’s actual,” Ella mentioned.
“The minute it leaves [the web trading platform] to that pockets handle … it goes into all these accounts everywhere in the world and it is not possible to really comply with up on any of those accounts from this one pockets handle.”
After Ella’s third and remaining deposit she tried to drag her cash out as a result of alarm bells rang and she or he had “nothing else within the tank”.
She was advised by scammers to remortgage her home or flip to credit score.
Just a few months later, Ella acquired a name out of the blue from a “very clean” man she’d by no means heard of who claimed to have her cash.
“Then got here the announcement that to ensure that me to get my a reimbursement, I must put in $5,000 USD,” she mentioned.
“I simply hung up however he continued to name me for 3 days afterwards clearly considering that by some means I might come to my senses and drop 5 grand.”
To this point, Ella has by no means acquired the cash.
“You undergo humiliation, embarrassment, you get into a extremely darkish place since you really feel like how might you be so silly,” she mentioned.
“You do not wish to inform your folks … you would not even know the place to begin.”
$100k misplaced to crypto rip-off
One other 54-year-old Sunshine Coast man just lately misplaced $100,000 in a cryptocurrency rip-off, in accordance with the Queensland Police Service.
He used a professional buying and selling platform however was tricked into investing by means of a faux firm that promised to arrange his account in alternate for a larger return.
The person was advised he wouldn’t be capable to entry the funds for 12 months, which Queensland Police mentioned was a pink flag.
“If you happen to’re working your personal account, you’ll be able to withdraw at any time,” Sunshine Coast Senior Sergeant Craig Mansfield mentioned.
“His funds have ended up in a pockets someplace on the earth that holds about $3 billion in the meanwhile … who owns it? Who has entry to it? No-one will ever know.”
Lured in on social media
Michael Stefanon, from south-west Queensland, invested in cryptocurrency after seeing a “buddy” endorse it on social media — however his buddy had been hacked.
Initially, Mr Stefanon transferred $100 “to check the waters” and when it appeared as if he had made a superb return, he turned suspicious.
“I wished to take that cash out and put it again into my checking account and from there, this individual was saying: ‘Oh, you have to add extra money to get entry to your returns’,” he mentioned.
“She saved saying: ‘Belief me, belief me, it will work’ so I put in a little bit bit extra.”
Believing messages that seemed to be “skilled and real”, he transferred cash by way of an internet platform that he trusted.
Over a few days, the 35-year-old misplaced about $700 and is grateful it wasn’t extra.
“I felt a bit foolish and need I by no means received ,” Mr Stefanon mentioned.
“I would not belief anybody who contacts you on social media. I simply do not suppose crypto is one of the simplest ways of investing your cash.”
Do not belief influencers who get wealthy fast
Queensland Police Service Monetary Crime and Cyber Crime Group Performing Superintendent Michael Newman mentioned crypto-scammers go to nice lengths on social media to lure of their victims together with stealing the identities of celebrities and even cops.
“Quite a lot of the adverts that you just truly see on there, the place there’s the likes of Matt Damon investing in cryptocurrency, plenty of occasions their pictures are literally getting used with out their information,” Performing Superintendent Newman mentioned.
“We truly did see on-line there was a picture of a police officer from far north Queensland and the advert learn: ‘Have a look at what this officer did, have a look at how they invested their cash and they’re a multimillionaire’.
“We did observe down the officer concerned and that officer had at no level ever given approval for his or her pictures for use and neither had they really invested in cryptocurrency the way in which it was truly being alleged.”
Performing Superintendent Newman mentioned cyber crime investigators have been proactively making an attempt to get these kinds of ads faraway from social media.
“Truly investigating and prosecuting the individual [who posts them] clearly turns into much more troublesome, however we will begin the prevention disruption work by truly having the clearly faux adverts taken down,” he mentioned.
Lack of regulation creates ‘wild west’
Dennis Desmond, a former FBI agent and cyber intelligence professional at the College of the Sunshine Coast, shouldn’t be shocked extra Queenslanders are getting caught out.
He mentioned as value of residing pressures elevated, individuals tended to search for fast returns.
“Folks [who] play the lottery, they will exit they usually’ll attempt to discover methods to earn further funding,” Dr Desmond mentioned.
“They suppose that cryptocurrency affords this chance for them.”
He mentioned an absence of regulation and understanding meant “well-organised” prison teams have been getting concerned.
“It is nonetheless the wild west on the market,” he mentioned.
Report suspicious exercise early
In an effort to sort out cybercrime nationally, the Joint Policing Cybercrime Coordination Centre (JPC3) was launched earlier this yr as a hub for state and federal legislation enforcement and stakeholders, together with AusTrac and the banking trade.
“We actually see cybercrime as a risk that’s rising in scale and quantity and actually inflicting vital impression to the general public,” Cybercrime Operations Commander Chris Goldsmid mentioned.
“We do have the capability, the instruments and experience within the AFP to trace and hint cryptocurrency.
“Cryptocurrency transactions will not be nameless.”
Suspicious exercise and scams may be reported to your financial institution, ReportCyber and Scamwatch.
Commander Goldsmid urged individuals to be vigilant no matter age or geographic location and to report suspicious exercise early.
“Folks can really feel a little bit bit embarrassed if they have been the sufferer of a rip-off or a cyber crime and that embarrassment can lead individuals to take a while earlier than they suppose to name their financial institution or report it to police,” he mentioned.
“Earlier reporting is basically pivotal if somebody’s gained entry to your account or has efficiently stolen cash from you.”
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GRANT, Minn. (FOX 9) – A Washington County family was reportedly kidnapped and held hostage at gunpoint for hours by two Texas brothers who ultimately took more than $72,000 in cryptocurrency.
Raymond Christian Garcia, 23, and Isiah Angelo Garcia, 24, were each charged via warrant with three counts of kidnapping, three counts of first-degree burglary, and one count of first-degree aggravated robbery for their alleged roles.
The incident led to the Washington County Sheriff’s Office issued a shelter in place order while they searched for the suspects. The incident ultimately led to the cancellation of a high school homecoming football game in Mahtomedi.
Home invasion and cryptocurrency theft
The backstory:
According to the criminal complaint, a 911 call was received at approximately 4:45 p.m. on Sept. 19 from someone in Grant, Minnesota, stating that he and his family had been kidnapped and were being held hostage at gunpoint in their home.
The complaint details that on Sept. 19, a man was taking out the garbage at around 7:45 a.m. when the armed brothers allegedly forced him back into the garage and bound his hands with zip ties. The men then woke up the two other people in the house, also binding them.
Raymond Garcia is accused of holding the 911 caller and his mother hostage for nine hours while armed with an AR-15-style rifle. Police said the upstairs bedroom door was tied shut with wire and needed to be cut in order to free them, according to the complaint.
Meanwhile, Isiah Garcia, armed with a shotgun, allegedly forced the man to log into his cryptocurrency wallet and transfer over $36,000 to an unknown account, charges state. After learning of a separate crypto wallet kept at the family cabin in Jacobson, Minnesota, Isiah Garcia allegedly forced the man to drive three hours and transfer the additional cryptocurrency, valued at over $36,000.
According to the complaint, the victim believed some of his crypto account information had been leaked during a data breach. The charges note that the men were frequently on the phone with an “unknown third party who directed [them] to transfer the cryptocurrency.”
The victim inside the house called 911, and multiple squad cars passed Isiah Garcia as they were driving back from the cabin. Isiah Garcia then turned the truck around, parked, and fled on foot before discarding the shotgun in a nearby field, charges allege.
Raymond Garcia was seen on camera running out the back door of the home. During a search of the area, authorities recovered an AR-15 rifle in a suitcase located in the tree line behind the home, charges said.
Brothers arrested in Texas
The investigation:
According to the complaint, Isiah Garcia rented a car near Houston, Texas, on Sept. 16 and drove to Minnesota. The vehicle’s GPS data placed the car near the victim’s home and a motel in Roseville. On Sept. 21, Isiah Garcia was taken into custody while driving the same rental car in Texas.
Raymond Garcia went to authorities on Sept. 22 to report that his AR-15 had been stolen in Waller, Texas. During a search of the brother’s home in the Waller area, authorities reportedly found a firearm box with a serial number matching the AR-15 recovered in Minnesota.
At the time the criminal complaints were filed, both men were in custody in Texas.
The Source: This story uses previous FOX 9 reporting and information from a Washington County criminal complaint.
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