Greeks Bearing Liars: Servicemen Among Nine Accused of $8M Crypto Doubling Pyramid

Greek authorities have named two active servicemen among nine suspects accused of orchestrating a cryptocurrency pyramid scheme that collected about $8 million from roughly 10,000 investors, the Athens daily To Vima reported. All nine were scheduled to give statements to an investigating magistrate on Monday, while Greek police have so far arrested 17 people in connection with the alleged organization. Prosecutors say the network pushed participants into digital assets through a platform it controlled, though none of the allegations has been tested in court and the financial figures derive from police sources rather than a formal charging document.

The recruiting vehicle, according to To Vima's account, was a local civic group. A 44-year-old who headed the Association of Artificial Intelligence Friends in Katerini was remanded in custody after the magistrate and prosecutor were unconvinced by his version of events. Six other suspects from the initial group of seven arrests were released under restrictive conditions, with bail set at between €15,000 and €20,000, according to public broadcaster ERT. The two servicemen named in the case are based in Pieria and Larissa, and investigators believe the Larissa serviceman learned the method from a contact he met while the pair were travelling overseas.

The offer followed a familiar pyramid structure. Investors were encouraged to contribute from €800, while those designated as VIP were asked for €5,000, with both tiers promised their money would double. In Katerini alone, investigators estimate the organization signed up 1,842 members and collected roughly €2 million. The entire probe began in July with two anonymous complaints, submitted through gov.gr, the Greek government's own digital services portal, to officers at the Katerini Sub-Directorate for Crime Investigation.