Eurojust and crypto (part 1): coordinated action against €100 million cryptocurrency fraud

Eurojust has played a central role in coordinating a major transnational operation targeting an alleged €100 million cryptocurrency investment fraud. Working alongside authorities in Spain, Portugal, Italy, Romania, Bulgaria and Lithuania, Eurojust helped facilitate arrests, property searches and the freezing of assets across multiple jurisdictions. This case highlights the increasing involvement of Eurojust and other international law enforcement bodies in complex crypto-related investigations, reflecting the challenges posed by the borderless nature of digital assets and the growing need for coordinated action.

Background

In previous articles, we have discussed how the borderless nature of crypto transactions has resulted in jurisdictions requesting INTERPOL notices to locate individuals accused of crypto-related criminality with a view to their potential extradition. This trend is becoming more common, and there have now been several examples of subsequent extradition requests.

We have also examined how another international law enforcement organisation – Europol – is becoming more active in crypto-related cases.

We now turn to Eurojust, another major international body, to explore how it is getting involved in this space.

What is Eurojust?

In a recent article we explained what Eurojust does and how it works on improving the safety of the EU.

Specifically, Eurojust was set up in 2002 to reinforce the fight against serious crime by facilitating cooperation between EU member states and non-EU member states in investigating and prosecuting transnational crime and terrorism.

What has Eurojust been up to?

Eurojust is reported to have coordinated a major operation across Europe to tackle an elaborate crypto investment fraud.

The operation involved the arrest of five suspects and the search of five properties in Spain, Portugal, Italy, Romania and Bulgaria, where bank accounts and other financial assets were frozen.

Eurojust supported the formation of a Joint Investigation Team between the Spanish and Lithuanian authorities to facilitate information exchange, coordinated the joint action day and assisted with the execution of freezing orders, a European Arrest Warrant and a European Investigation Orders

The actions on the ground were carried out in tandem with the Spanish, Portuguese, Bulgarian, Italian, Lithuanian and Romanian authorities.

Crypto and extradition

As well as being at risk of measures involving Europol, Eurojust and INTERPOL, such as Red Notices, those who suspect that allegations involving crypto have been made against them could also be at risk of extradition.

As was discussed in our previous blogs entitled “Can I be extradited for allegations involving crypto?” and “Another US crypto extradition”, due to the borderless nature of crypto transactions, any allegation of criminality will inevitably involve multiple jurisdictions. As such, there may be numerous jurisdictions claiming authority and trying to extradite an alleged perpetrator to their jurisdiction to face justice. Jurisdictions may additionally utilise INTERPOL to locate an individual and seek their arrest prior to issuing an extradition request. There have now been two examples of individuals being extradited to the US in relation to allegations involving crypto.

The vast majority (if not all) of criminal allegations that underpin a crypto criminal investigation are of a financial crime nature, e.g. fraud, money laundering and insider dealing. They can also include alleged offences relating to the breach of financial regulations.

Due to the nature of this technology, therefore, and as this technology becomes more prevalent, there will likely be a large increase in the instances of INTERPOL being used to locate individuals accused of crypto-related allegations.

INTERPOL and cryptoassets

We have previously written about INTERPOL’s specialist team developed to coordinate globally against digital assets crime.

There have been increasing reports of countries using INTERPOL to pursue individuals alleged to have been involved with crypto-related criminality.

Following earlier reports that South Korea had asked INTERPOL to issue a Red Notice for developer Do Kwon, the team wrote a blog titled “Can INTERPOL issue a Red Notice in relation to allegations involving crypto?”.

We recently wrote an article on how although Hex Founder Richard Heart found himself subject to an INTERPOL Red Notice, a United States Court dismissed the case against him, and, subsequently, about how a Red Notice had been requested to locate Hayden Davis, a citizen of the US allegedly behind the launch of several memecoins.

In our next article, we explained how the US had secured the extradition of a Russian national from Portugal to face allegations relating to crypto.

In our latest article, we discussed the successful extradition of a Brazilian national from Switzerland to the United States to face indictment for an alleged cryptocurrency fraud scheme.

INTERPOL has also recently been more active in seizing online digital wallets and exchanges, including seizing the exchange knows as Cryptonator for allegedly receiving the proceeds of crime.

Suitability of INTERPOL

There is no doubt that crypto-related crime presents unique challenges to authorities, as the decentralised nature of crypto and the distance between them and more conventional financial institutions creates significant hurdles in international policing.

The UK continues to pass legislation, with recent regulations enabling authorities to investigate and seize assets suspected of being used in criminal activities relating to crypto (please see our other blogs on crypto regulation).

Other INTERPOL members, however, may not be as quick in establishing a regulatory framework, making international cooperation even more challenging.

However, it remains the case that given the decentralised and borderless nature of some cryptoasset transactions, an organisation with global reach like INTERPOL is well-suited to assist with both pursuing individuals alleged to have been involved with criminal offences involving crypto, and also tracing any associated proceeds of crime.

As always, it is important to ensure that INTERPOL’s resources are always used in compliance with all of its applicable rules and regulations.

International crypto dimension – criminal investigations, litigation and extradition

Those who suspect that they may be subject to an extradition request from the UK, or who are just concerned about liability across multiple jurisdictions including the UK, should get in touch.

Gherson’s Criminal Litigation, Regulatory and Investigatory team combine an expert knowledge of criminal and regulatory law underpinned by a firm understanding of digital assets and blockchain technology. As such, the team are able to provide expert strategic advice to anyone facing investigation in relation to any allegation of criminality involving cryptoassets. Working alongside the extradition team, Gherson’s Criminal Litigation, Regulatory and Investigatory team are able to provide an unparalleled service in any case with an international dimension. The team are also able to call upon lawyers in multiple other jurisdictions and build multi-jurisdictional teams to assist with any suitable defence.

INTERPOL, Red Notices and crypto

In addition, those who suspect that a jurisdiction may have requested INTERPOL to process data relating to them involving any allegations of crypto-related offences, or are just concerned about potential liability, should get in contact.

Gherson Solicitors continue to receive requests for expert advice and assistance from those who suspect they may have outstanding financial issues. That advice tackles:

1. How best to approach a possible INTERPOL red notice;
2. Preparing for potential criminal proceedings / an extradition request;
3. Preparing for a situation where a civil matter or commercial dispute could be used to initiate bogus criminal proceedings; and
4. Even exploring the possibility of instigating civil litigation proceedings to recover any misappropriated assets.

Gherson have previously written a series of blogs designed to assist those who believe they may be subject to INTERPOL measures (including a Red Notice):

INTERPOL and Red Notice Challenges

How to Remove an INTERPOL Red Notice

INTERPOL Red Notices and Extradition

How do I know if I am subject to an INTERPOL Red Notice?

Other INTERPOL measures

Gherson have also previously written a series of blogs detailing other INTERPOL measures (including a Blue and a Red Notice):

• What is INTERPOL’s Silver Notice?
• INTERPOL UPDATE – India charges 8 people in first Interpol Silver Notice Case
• What is an INTERPOL Yellow Notice?
• What is an INTERPOL-United Nations Security Council Special Notice?
• What is an INTERPOL Purple Notice?
• What is an INTERPOL Green Notice and can it be challenged?
• What is an INTERPOL Orange Notice and can it be challenged?
• What is the purpose of an INTERPOL Blue Notice, and can it be challenged?
• What is an INTERPOL Blue Notice?
• INTERPOL and Red Notice Challenges
• How to Remove an INTERPOL Red Notice
• INTERPOL Red Notices and Extradition
• How do I know if I am subject to an INTERPOL Red Notice?

Gherson have over 36 years of experience in assisting with all aspects of INTERPOL, Red Notice challenges and extradition. Gherson can advise you in relation to all possible defences to an extradition request. We have unparalleled expertise in managing asylum and extradition requests in tandem. If you would like to speak to us in respect of any of the issues raised in this blog or about your specific circumstances, do not hesitate to contact us for advice, send us an e-mail, or alternatively, follow us on X, Facebook, or LinkedIn to stay-up-to-date.

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

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