Two Greek Soldiers Accused of Leading $8M Crypto Pyramid Scheme

Two Greek servicemen are among the alleged leaders of a cryptocurrency pyramid scheme that investigators say attracted around 10,000 people and brought more than $8 million into a platform controlled by the group.

Greek police arrested 17 people in a coordinated operation across several regions on October 2. Police identified nine others as members of the organization. Investigators say the group had been operating since at least 2025 through apparently legitimate companies and an online investment platform.

The scheme allegedly promised investors that their initial capital would double within 50 days. Investors were encouraged to put in at least €800, while so-called VIP investors were asked for €5,000. Members of the organization also recruited new investors as part of the pyramid structure, police said.

The two servicemen, from Pieria and Larissa, were identified as alleged leadership figures. Investigators believe the Larissa serviceman learned about the scheme from a contact he met while traveling abroad. Investigators also identified a 44-year-old man who led an Association of Artificial Intelligence Friends in Katerini as a key figure, and remanded him in custody.

In Katerini alone, investigators estimate that 1,842 people joined the scheme and invested around €2 million. The investigation began in July after police received two anonymous complaints through Greece’s gov.gr digital services portal.

The two servicemen were among three suspects remanded in custody after questioning on October 5. They deny the allegations, according to Greek public broadcaster ERT. The case remains under investigation, and the allegations have not been tested in court.