German investigators and financial regulator BaFin have shut down more than 1,400 illegal websites in Eastern Europe related to online trading fraud, Reuters reported, BTA reported.
The operation, called "Operation Hercules", was carried out by the Baden-Württemberg state police, BaFin, Europol and Bulgarian authorities. The aim was to stop the activities of networks that facilitate fraudulent investment schemes through fake trading platforms.
Users of these sites were directed to brokers working from call centers abroad, who convinced them to invest large sums in cryptocurrencies. In many cases, people only realized months later that their money had not been invested at all.
"Fraudsters are getting better at using artificial intelligence to constantly create illegal sites and lure investors into a trap," commented Birgit Rodolphe from BaFin.
A similar operation was carried out in June, when 800 illegal domains were blocked. Since then, more than 20 million attempts to access them have been registered.
"The measures have seriously weakened the criminal networks, as we have been able to counteract key elements of their technical infrastructure," the joint statement also said.