Europol Shuts Down Major Crime Syndicate Behind 49 Million Fraudulent Accounts

Europol Dismantles Crime Syndicate Behind 49 Million Fraud Accounts

Europol has successfully dismantled a detailed cybercrime syndicate linked to the creation of over 49 million fraudulent online accounts, many associated with significant cryptocurrency platforms.

This operation, known as “SIMCARTEL,” revealed an advanced SIM farm-for-hire network, which sold temporary mobile numbers used to bypass two-factor authentication. This practice allowed criminals to generate fake identities on a large scale and engage in extensive financial fraud.

According to Europol, this syndicate's infrastructure enabled the creation of accounts for various online services, ranging from e-commerce platforms to digital banks and cryptocurrency exchanges. The fraudulent accounts facilitated money laundering, phishing campaigns, and smishing scams directed at European users.

The operation on October 10, 2025, saw coordinated efforts from Latvian authorities, with support from Europol and Eurojust, resulting in seven arrests and the seizure of numerous SIM servers, routers, and digital devices. Investigators believe the group it generated millions by renting phone number access and authentication-bypass tools.

While these arrests are a significant victory for cybercrime enforcement in Europe, they also raise serious concerns about how such a vast number of fake accounts, particularly those linked to regulated cryptocurrency platforms, went unnoticed for so long.

How Were 49 Million Fake Accounts Allowed to Exist?

For years, this sophisticated cybercrime network operated under the radar, fueling one of the largest fake account schemes globally by creating millions of fraudulent profiles before Europol intervened.

Europol reported that investigators discovered a SIM farm structure enabling criminals to rent phone numbers from over 80 countries. This tactic allowed them to sidestep phone verification systems utilized by exchanges, banks, and social media platforms, effectively automating fake account generation on a massive scale.

SIM Card Fraud
Source: Europol

The operation hinged on two main websites, GoGetSMS(.)com and APISIM(.)com, which offered temporary phone numbers from more than 80 countries specifically designed to circumvent online verification processes like SMS-based two-factor authentication (2FA).

By renting these numbers, scammers could automate the creation of fake accounts for phishing, smishing, money laundering, extortion, and cryptocurrency-related fraud. During coordinated raids across 14 countries, led by Austria and Latvia, law enforcement seized 1,200 SIM box devices capable of managing over 40,000 active SIM cards, along with substantial sums in cash and cryptocurrency.

No Image
Source: Europol

The syndicate operated on a crime-as-a-service (CaaS) model, enabling clients to purchase or rent virtual phone identities. These fake identities were then used to register large numbers of accounts on various online platforms, including social media and dating sites, as well as cryptocurrency exchanges.

Investigators traced numerous cases of cyber fraud back to this network, which accounted for over €4.5 million in confirmed financial losses across Europe. Latvia reported losses of €420,000, while Austria recorded nearly €4 million. Europol cautioned that the true global impact could be significantly higher, as the fake accounts were linked to phishing rings and dark web vendors operating worldwide.

The investigation also highlighted critical vulnerabilities in the global reliance on SMS-based two-factor authentication as a security measure. Criminals exploited weaknesses in this process using techniques like SIM swapping, SIM cloning, and SIM farming to intercept verification codes and authenticate fraudulent accounts. Experts warn that as long as financial institutions and cryptocurrency platforms depend on phone number verification, such threats will persist.

Increased Global Action Against SIM Fraud as Crypto Losses Rise

In response to rising losses due to SIM-swap fraud, global law enforcement agencies are intensifying efforts against SIM-swap fraud networks. The FBI's 2024 Internet Crime Report noted a 66% increase in cryptocurrency fraud, totaling $9.3 billion, much of which is associated with SIM-based schemes stealing phone numbers to access victims' wallets and exchange accounts.

Several incidents have illustrated this alarming trend, including a September case where the U.S. Department of Justice pursued civil forfeiture to reclaim over $5 million in Bitcoin from SIM swap attacks targeting victims across the nation.

🚨 @TheJusticeDept has filed a civil forfeiture complaint to recover $5M in stolen bitcoin traced to SIM swap attacks.
#Bitcoin #Cybercrime #Simswap https://t.co/tlTqzTUKDr
— Cryptonews.com (@cryptonews) September 9, 2025

Additionally, in June 2025, two users of the crypto exchange OKX reported losses due to a SIM swap hack perpetrated through fake SMS alerts. Attackers exploited the SMS system to mislead victims into generating new API keys, enabling unauthorized withdrawals.

Security analysts have pointed out that, although many companies are adopting additional verification methods, the pervasive dependency on phone-based authentication remains a significant vulnerability.

⛔ Europol has dismantled one of the dark web’s longest-running marketplaces, Archetyp Market, following coordinated raids across six countries. #Archetyp #Darknet https://t.co/sweGIyi2if
— Cryptonews.com (@cryptonews) June 18, 2025

The recent Europol-led operation marks a strong international response against such activities, following various European crackdowns on the dark web, including shutting down the Archetyp Market, which facilitated €250 million in illegal transactions, a €460 million cryptocurrency fraud ring in Spain, and the “Mafia Crypto Bank” money laundering operation.

Key Takeaways

Europol dismantled a cybercrime syndicate responsible for over 49 million fraudulent accounts linked to cryptocurrency platforms.
The operation, codenamed “SIMCARTEL,” revealed a network that sold temporary phone numbers to bypass two-factor authentication.
Coordinated raids resulted in multiple arrests and significant seizures of SIM-related equipment and cash.
The scale of the fraudulent operation raises concerns about the security of SMS-based verification systems in financial institutions.
Law enforcement worldwide is intensifying efforts to combat SIM-swap fraud as cryptocurrency-related crimes rise dramatically.