Key Highlights
- Belgian police arrested a 19-year-old suspected of leading a phishing network that laundered stolen funds through crypto.
- Investigators linked the group to more than €500,000 stolen from victims across Europe in a phishing operation.
- Authorities say the stolen money passed through money mules before being laundered using cryptocurrencies.
Belgian authorities have arrested a 19-year-old man suspected of leading a phishing network that allegedly stole more than 500,000 euros (~$590,000) from victims across Europe before laundering the proceeds through cryptocurrencies.
The suspect was arrested on June 29 at an Airbnb in Antwerp after returning from Dubai, following an investigation by the Federal Judicial Police (FGP) East Flanders and the East Flanders Public Prosecutor’s Office.
Investigators say the 19-year-old played a leading role in a criminal organization behind large-scale phishing attacks, with the stolen money allegedly funneled through cryptocurrencies to help conceal its trail.
How the phishing scheme unfolded
The investigation began in March 2026 after prosecutors asked the Federal Judicial Police to investigate a series of phishing cases, a type of cybercrime authorities have identified as a priority in East Flanders.
According to investigators, the group sent fraudulent emails that appeared to come from government agencies. Victims were then contacted by callers posing as bank employees, who persuaded them to install remote-access software on their computers, giving the suspects control over their online banking accounts.
With that access, the suspects allegedly transferred money out of victims’ accounts. Authorities said the funds were moved through money mules and cashers to foreign accounts before being laundered through cryptocurrencies, making them more difficult to trace.
Arrest follows return from Dubai
Investigators identified the Antwerp-based 19-year-old as a key figure after linking him to dozens of phishing cases involving Belgian victims.
Authorities allege the suspect repeatedly used victims’ stolen bank cards to purchase airline tickets to Dubai. They also believe he was part of a criminal organization operating under leadership based in the Netherlands.
During the June 29 operation, police arrested the main suspect and found a second individual at the Airbnb. After questioning, an investigating judge ordered the 19-year-old to remain in custody under an arrest warrant, while the second suspect was released.
Rather than stealing digital assets directly, investigators say the group first gained access to victims’ bank accounts before routing the money through intermediaries and eventually into cryptocurrencies as part of the laundering process.
Authorities said the investigation is continuing as they seek to identify other members of the network and recover as much of the stolen money as possible for victims.
Also Read: Israel Charges US Student in Alleged Iran Crypto Spy Plot
