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Greek police say a cryptocurrency-investment operation promised to double investors’ money in 50 days, recruited more than 10,000 people and moved over $8 million through an online platform. Separate reporting by Decrypt said two servicemen were among suspects accused of leadership roles. These are allegations in an ongoing criminal investigation, not findings of guilt.
What Greek police say happened
In an announcement dated 2 October 2026, the Hellenic Police said its Katerini Crime Prosecution and Investigation Sub-Directorate had investigated activity dating back at least to 2025. Police allege that the group used an online investment platform and apparently legitimate corporate entities to attract participants, promising that their initial capital would double within 50 days.
Investigators described the operation as a pyramid structure in which participants recruited additional people. Police also said the operation lacked authorization from the competent authority. That is the police account; the announcement does not cite a separate regulator’s finding. The allegations have not been tested in court, as Decrypt noted.
What role did Greek soldiers allegedly play?
Decrypt reported on 5 October 2026 that two servicemen were among nine suspects accused of leadership roles. It said the men came from Pieria and Larissa, and that investigators believed one had learned of the method through an overseas contact. These details come from Decrypt and its cited reporting, not from the police release as available here; the servicemen’s specific alleged roles are not independently established by that release.
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Decrypt also reported that a 44-year-old who led the Association of Artificial Intelligence Friends in Katerini was remanded in custody after questioning. The association was described in that reporting as an alleged recruiting vehicle. The police announcement does not identify the association by name in its available text.
How many people and how much money are involved?
The figures describe different stages or measures, and should not be treated as interchangeable. Police estimated that more than 10,000 people were recruited and over $8 million flowed into the platform. Those are estimates of recruitment and money entering the platform—not a confirmed count of victims or a proven net loss.
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| Measure | Reported figure | What it means |
|---|---|---|
| People recruited | More than 10,000 | Police estimate of recruitment into the operation. |
| Money flowing into platform | Over $8 million | Police estimate of funds entering the platform; it is not established as total investor losses. |
| Identified victims and their investment | 18 people; €55,970 | Police total for victims identified during the investigation, not a final total for all affected people or losses. |
| Local membership and investment figures | 1,842 members; about €2 million in Katerini | Figures relayed by Decrypt, not the police-release totals cited above. |
The available sources do not explain why the estimated recruitment and platform-flow figures differ so sharply from the 18 identified victims and their €55,970 in reported investment. They also do not establish the final number of affected people or the amount ultimately lost.
What the investment pitch reportedly offered
Police described promises of very high returns, specifically a doubling of initial capital within 50 days. Decrypt separately reported an entry amount of €800 and a VIP amount of €5,000, with investors in both tiers allegedly promised a doubling. Those tier details are reported case information, not figures in the police announcement cited here; neither the promise nor the reported amounts establish that investors received returns.
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Arrests, suspects and evidence seized
Police said 17 people were arrested. The release described two as alleged leadership members and said a case file was formed for nine additional members. It also said the suspects were brought before the Katerini prosecutor and referred to an investigating judge. Arrests and referral are procedural steps, not a court determination of guilt.
Decrypt reported that six of the first seven suspects were released under restrictive conditions, with bail set between €15,000 and €20,000. That account is distinct from the police release’s overall arrest and case-file categories.
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Police reported searches at five offices, nine residences and other premises, with seizures including €295,090 in cash, 28 computers, 32 mobile phones, 15 tablets, 38 USB drives and 16 storage disks. The release also listed a money-counting machine, CCTV recorder, bank and SIM cards. The reported cash seizure is not a confirmed restitution payment to investors.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the counts should not be combined
The phrase “two servicemen among nine suspects accused of leadership roles” is Decrypt’s reporting. The police release’s figures—two alleged leadership members and a file for nine additional members—use separate categories. The sources do not establish that the two references to nine describe the same people. In particular, they do not say that nine soldiers were arrested.
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Similarly, people recruited, people identified as victims, investments reported by those identified victims, and money estimated to have entered the platform measure different things. None of the published figures in these accounts settles the overall number of victims or a final, recoverable loss.
Quick Recap
What is not yet established
- The full list of suspects and the final number of people affected.
- The platform’s complete transaction history and the ultimate traceable or recoverable amount.
- A court ruling on the allegations.
- More detailed, independently corroborated accounts of the servicemen’s and association’s alleged roles.
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