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The FXO investment platform has come under the scrutiny of Greek law enforcement agencies. Investigators believe that the project was a cryptocurrency pyramid: investors were promised to double their money in 50 days, presenting it as a legitimate investment. According to the investigation, the scheme was active since 2025. It combined an online service with a network of physical offices across the country. The central office was located in Larissa, with additional locations in Katerini, Attica, Preveza, and on Lesbos. This reach indicates the organizers’ desire to attract clients in various parts of Greece, not just through the internet.

The police have counted at least 10,000 clients, and about $8 million passed through the platform. The administrators were actively seeking new investors, promising high returns with almost no risk. This is a typical feature of such schemes: guaranteed profits while denying any real threats. In the crypto sector, such promises are especially dangerous, as digital assets are highly volatile in themselves.

During the investigation, 17 people were detained, and nine more were summoned for questioning. Investigators hope to identify the key participants among them. According to preliminary data, two military personnel are considered to be the organizers. So far, 18 victims have been identified, with damage amounting to $62,700. This amount may increase, as not all depositors are willing to report their losses, and some are still waiting for payments.

The Hellenic Capital Market Commission (HCMC) has confirmed that FXO did not have a license to provide investment services. This means that the work was carried out outside the legal framework. The lack of a license should have raised red flags for clients, but such projects are often disguised as legitimate companies — with offices, websites, and consultants.

The police conducted searches in five offices, nine residential buildings, and other premises. Computers, laptops, phones, bank and SIM cards, storage devices, as well as 295,090 euros in cash (\~$330,700) were seized. The large sum and the multitude of electronic media indicate that the investigation is examining not only the finances but also the connections between the participants in order to assign roles.

The FXO story demonstrates the mechanism of a crypto pyramid scheme: initially, payments are made at the expense of newcomers, creating the illusion of operation. Then the inflow of funds declines, liabilities grow, and the system collapses. In this case, the investigation was launched before the complete collapse, but the scale has already been recorded: thousands of clients, millions of dollars, a network of offices, and arrests.