Greek police have dismantled a crypto investment scam ring and arrested 17 people, including nine military personnel. According to Foresight News, the initial investigation found that about 10,000 people took part in the scheme, with an average investment of about 800 euros per person and estimated funds involved of more than 8 million euros.

The group operated by recruiting new participants to secure higher returns, showing clear pyramid scheme characteristics. Police said the ring recently froze withdrawals and claimed investors could receive double their money after 50 days if they doubled their principal. Authorities have seized about 280,000 euros, and the investigation is ongoing.