Two Greek servicemen are among nine suspects accused of helping lead a cryptocurrency pyramid scheme that allegedly collected about $8 million from roughly 10,000 investors, according to reporting by Decrypt citing Greek media and police information. The suspects were due to appear before an investigating magistrate in northern Greece on Monday.
Police have arrested 17 people in connection with the alleged organization. Prosecutors say it operated as a pyramid scheme and directed participants toward cryptocurrencies through a platform under its control. The accusations have not been tested in court, and the financial figures cited so far come from police sources rather than a charging document.
How the alleged scheme worked
The reported offer used two main entry levels. Ordinary participants were encouraged to invest at least €800, while investors classified as VIPs were asked to contribute €5,000. Both groups were allegedly promised that their money would double.
Investigators believe recruitment was carried out partly through a local civic organization, the Association of Artificial Intelligence Friends in Katerini. The group’s 44-year-old leader was remanded in custody after the investigating magistrate and prosecutor rejected his account, according to the report.
Six other people from the first group of seven arrested were released under restrictive conditions. Their bail was set at between €15,000 and €20,000, Greece’s public broadcaster ERT reported.
In Katerini alone, investigators estimate that the organization attracted 1,842 members and collected approximately €2 million. Across the wider alleged operation, police put the proceeds at around $8 million and the number of investors at about 10,000.
Suspects and investigation
The two military suspects are from Pieria and Larissa. Investigators believe the serviceman from Larissa learned the alleged method from a contact he met during an overseas trip. The source material does not identify the suspects by name or describe their military positions.
The investigation began in July after two anonymous complaints were submitted through gov.gr, the Greek government’s digital-services portal. The complaints were sent to officers at the Katerini Sub-Directorate for Crime Investigation.
The nine suspects expected to appear before the magistrate form part of the larger group arrested by police. Their appearance is a procedural stage in the investigation, not a determination of guilt. The allegations will need to be examined through Greece’s judicial process.
Moneyiar market picture
Moneyiar data at 10:38-10:39 on October 7, 2026, showed mixed but mostly weaker performance among the listed crypto assets:
- Solana (SOL): $117.660254503, down 1.99% over 24 hours and 1.78% over seven days.
- Monad (MON): $0.0266835212, down 6.77% over 24 hours and 3.57% over seven days.
- Ontology Gas (ONG): $0.0861833311, down 3.88% over 24 hours and 8.79% over seven days.
Starpower (STAR), with data timestamped August 26, 2026 at 02:23, was priced at $0.1691322256, up 26.33% over 24 hours and 55.76% over seven days.
