Greek authorities investigate alleged $8M crypto pyramid scheme reportedly led by military personnel and disguised as an AI enthusiasts association.
Regulation & Gov ·
Nine suspects, including two military servicemen in leadership roles, faced questioning before an investigating magistrate in northern Greece following allegations they operated a cryptocurrency pyramid scheme. Police estimated the scheme generated approximately $8 million from roughly 10,000 investors, with 17 people arrested in connection with the alleged organization.
The scheme reportedly used a local civic association focused on artificial intelligence enthusiasts as its recruiting mechanism. Entry-level investors were solicited with a €800 buy-in, while those marketed as VIP members were asked to contribute €5,000, both cohorts promised their capital would double. In Katerini alone, investigators identified approximately 1,842 members and recovered roughly €2 million from that location. The alleged operation funneled participants into cryptocurrencies through a platform controlled by the organization.
The investigation commenced in July following two anonymous complaints submitted through Greece's official government digital services portal. None of the allegations has yet been tested in court, and the financial figures derive from police estimates rather than formal charging documents. The investigation also identified that one of the military suspects may have learned the scheme's methodology from an overseas contact met during travels.