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Greek servicemen named in alleged $8M crypto pyramid scheme

Prosecutors said the scheme used a platform it controlled to push investors into cryptocurrencies, as police arrested 17 people and nine suspects were set to appear before an investigating magistrate.

Reported · Written up by our desk · Regulation

Two Greek servicemen are among nine suspects accused of running a cryptocurrency pyramid scheme that allegedly took in about $8 million from roughly 10,000 investors, according to an Athens daily report cited by Decrypt.

Police say prosecutors believe the group operated as a pyramid scheme and pushed investors into cryptocurrencies through a platform it controlled, with nine suspects due to give statements to an investigating magistrate on Monday, Decrypt wrote.

Investigators also said they arrested 17 people over the alleged organization, and the case had not been tested in court, with the $8 million and investor figures coming from police sources rather than a charging document, Decrypt reported.

A 44-year-old leader of an Association of Artificial Intelligence Friends in Katerini was remanded in custody after the magistrate and prosecutor were unconvinced by his account, while six others from the first group of seven arrested were released under restrictive conditions with bail set between €15,000 and €20,000, Decrypt added.

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