London Cryptocurrency Investment Scam: Five Arrested, $1.3M Lost
aBackground: Five Men Detained in London Cryptocurrency Investment Scam Investigation
The London Metropolitan Police have announced the arrest of five men as part of an ongoing investigation into a major cryptocurrency investment scam. The London cryptocurrency investment scam investigation centers on fake online trading platforms that allegedly deceived potentially thousands of people worldwide into investing in non-existent digital assets. According to a statement released Thursday by Detective Sergeant Stephen Bourne, “These websites are highly convincing and use professional-looking content, fake endorsements and aggressive marketing tactics to lure people in,” Reporting via Decrypt.
The suspects, aged 21 to 37, were arrested on October 1st by the Metropolitan Police’s economic crime team on suspicion of conspiracy to commit fraud. Authorities have released all five individuals on bail as the investigation continues.
Scope and Impact of the Scam
Authorities estimate that the fraudulent operation netted over $1.3 million (£1 million) from unsuspecting investors worldwide. Detectives allege that the suspects operated a “boiler room” out of London, contacting victims and pressuring them to invest further in supposed digital tokens. Police believe these tokens were never intended to be listed on legitimate cryptocurrency exchanges, making recovery of lost funds unlikely.
The investigation has identified multiple suspect platforms, including DTX Exchange, Intel Markets, Cryptids, Algo Tech Trades, and Unilabs Finance. All sites are currently defunct except for Unilabs Finance, which remains online and describes itself as “the best-performing crypto superfund.” Unilabs Finance claims to manage $30 million in assets but did not respond to questions from Decrypt regarding the allegations.
The London cryptocurrency investment scam investigation has been complicated by the sites’ tactics of operating under changing domain names, which makes monitoring and enforcement significantly more difficult for authorities. Detective Sergeant Bourne emphasized the global reach of the scam, stating, “we believe this crime is affecting victims in every corner of the world.”
Investment Fraud: A Continuing Challenge in the UK
The arrests highlight the persistent challenge of tackling investment fraud in the UK and globally. According to Action Fraud, the nation’s anti-fraud helpline, September 2025 alone saw nearly 50,000 calls and 9,000 web chats from potential victims. So far this year, UK authorities have recorded 308,000 reports totaling more than $3.3 billion (£2.6 billion) in fraud losses. Of these, 25,000 reports are classified as investment frauds, corresponding to roughly $1.3 billion (£1 billion) in losses.
Detective Sergeant Bourne added, “We recognise the devastating impact that fraud can have on people and that’s why we’re committed to investigating crimes of this nature and supporting those affected.” He further warned the public, “strongly advise members of the public not to engage with or invest through the websites listed.”
What’s Next in the Investigation?
The London cryptocurrency investment scam investigation is still in its early stages, with police continuing to call for information from potential victims. Officials warn investors to remain cautious online and to thoroughly research any investment platforms before committing funds. Further charges or arrests may follow as authorities analyze evidence and track the full extent of the losses suffered globally.
For more on how to avoid these and other digital scams, see our coverage of cryptocurrency safety and trends.
