Crypto Scammers Arrested for €600M Theft, Louvre Security Lapses, and More Cybersecurity Updates

The Week’s Key Cybersecurity News

In today’s digital landscape, the relentless battle against cybercrime continues to unfold, revealing shocking breaches and significant law enforcement actions. This week, we delve into key events that highlight the importance of cybersecurity and the evolving threats faced by individuals and organizations alike.

Police Arrest Crypto Scammers Suspected of Stealing €600 Million

In a groundbreaking operation, European law enforcement arrested nine alleged members of a network responsible for stealing over €600 million from victims across multiple countries. These scammers created deceptive investment platforms that imitated legitimate cryptocurrency services, luring victims with promises of high returns.

Using social media, cold calls, and targeted advertising, they managed to convince unsuspecting individuals to transfer their cryptocurrency. Unfortunately, once the funds were sent, victims found themselves locked out of their accounts. Raids conducted in Spain, Germany, and Cyprus on the 27th and 29th of October resulted in the seizure of €800,000 in bank accounts, €415,000 in various cryptocurrencies, and €300,000 in cash. This coordinated effort emphasizes the ongoing commitment of law enforcement to combat cyber fraud.

North Korea’s Financial Network Comes Under Sanctions

On November 4, the US Treasury unveiled sanctions against North Korea’s global financial networks, pinpointing key individuals involved in laundering money obtained through illicit activities, including cybercrime. The aim? To disrupt funding for weapons of mass destruction programs and ballistic missile production.

Notably, two bankers were identified for managing approximately $5.3 million in cryptocurrency through Cheil Credit Bank. Sanctions extended to the foreign representatives of several North Korean banks, including Koryo Commercial Bank and the Foreign Trade Bank, highlighting the extensive web of financial malpractice.

Furthermore, it’s reported that North Korea has illicitly acquired over $3 billion in cryptocurrency within the last three years, with 2025 alone witnessing a staggering $2.7 billion in cyber theft.

Hong Kong Charges Suspects in JPEX Crypto Exchange Case

This week in Hong Kong, authorities charged 16 individuals, including influential figures like Joseph Lam, in connection with the notorious JPEX cryptocurrency exchange scandal. Allegations reveal that JPEX operated without a license and misled investors, swindling over HK$1.6 billion (approximately $205.8 million) from more than 2,700 investors.

The case, described as the largest financial fraud incident in Hong Kong’s history, had previously led to the arrest of 72 people. Investigators continue to pursue the remaining fugitives linked to the core operations of JPEX.

Crime Networks That Stole $344 Million in 193 Countries Dismantled

In a coordinated international law enforcement effort, Europol reported the dismantling of three criminal networks responsible for around $344 million in damages from credit card fraud. Over nine countries participated in targeting 44 suspects, resulting in the arrest of 18 individuals, including executives from German companies.

Between 2016 and 2021, these criminals misused stolen cardholder data to create over 19 million fraudulent subscriptions to various online services, raking in substantial profits from unsuspecting victims. Law enforcement also seized assets worth over $40 million, including luxury cars and cryptocurrencies, as part of the operation.

Lax Security Revealed at the Louvre

A recent investigation by Libération outlined years of inadequate cybersecurity at the Louvre, a situation that may have been exploited during a recent robbery. Experts had flagged security vulnerabilities as far back as 2014, yet numerous issues remained unresolved by 2025.

The investigation revealed that cybersecurity audits conducted over several years identified critical weaknesses, such as outdated software and easily guessable passwords. For instance, investigators noted that passwords for essential security systems were alarmingly simplistic, undermining the museum’s defenses. This report serves as a cautionary tale about the potential consequences of neglecting cybersecurity, even in culturally significant institutions.

What to Read This Weekend

For those eager to expand their understanding of financial technology, this weekend’s feature at ForkLog explores the intriguing history of internet micropayments, tracing their origins from early HTML-era initiatives to the modern trends shaping today’s digital economy.

Stay informed with ForkLog, and keep your finger on the pulse of the rapidly evolving intersection of cybersecurity, technology, and finance.