Police operation targets fake trading platforms
London’s Metropolitan Police have arrested five men as part of an investigation into what appears to be a sophisticated cryptocurrency investment scam. The suspects, aged between 21 and 37, were arrested on October 1 by the Economic Crime Team. They face allegations of conspiracy to commit fraud.
Detective Sergeant Stephen Bourne described the operation as using “very convincing” fake commercial websites which used professional-looking content and aggressive marketing tactics. The sites apparently used fake endorsements to boost their credibility with potential investors.
All five individuals have been released on bail while the investigation continues. Police estimate that total losses from the scheme could exceed $1.3 million, although they suspect the actual figure could be higher given the global reach of the operation.
Boiler room tactics and follow-up pressure
Investigators say this was not a simple online scam. The suspects allegedly operated a so-called “boiler room” from London, making follow-up calls to pressure victims into investing more money in digital tokens. What is troubling is that these tokens were apparently never intended to be listed on legitimate exchanges.
This pattern of behavior shows a calculated approach to extracting maximum funds from victims. Subsequent calls suggest that the perpetrators were actively managing their targets rather than simply creating websites and waiting for people to fall in love with them.
I think this demonstrates how fraudsters are adapting traditional scam techniques to the crypto space. The combination of a professional-looking online presence and old-fashioned pressure tactics creates a particularly dangerous mix for unsuspecting investors.
Wider fraud landscape in the UK
This case comes against a backdrop of increasing reports of fraud across the UK. The numbers are pretty staggering when you look at them. In September 2025 alone, Action Fraud, the UK’s national fraud reporting service, received almost 50,000 calls and 9,000 web chats.
So far this year, they have processed 308,000 fraud reports representing more than $3.3 billion in losses. Investment fraud specifically accounted for 25,000 of these reports, with total losses reaching $1.3 billion.
These figures highlight the scale of the challenge facing law enforcement. With fraud becoming increasingly sophisticated and cross-border in nature, police resources are being stretched to try to keep pace.
Connected Websites and Ongoing Risks
Detectives linked several websites to this network, including DTX Exchange, Intel Markets, Cryptids, Algo Tech Trades and Unilabs Finance. Most of these sites now appear to be defunct, which is typical of this type of operation: they often close and reappear under new names.
Unilabs Finance remains active online, describing itself as “the most successful crypto superfund” and claiming to manage $30 million in assets. The site did not respond to requests for comment on the police allegations.
The Metropolitan Police noted that some of these websites previously operated under different domain names, making them more difficult to track. This domain hopping strategy increases the risk for investors who might encounter what appears to be a new opportunity but is actually the same fraudulent transaction.
Detective Sergeant Bourne highlighted the “devastating impact” that fraud can have on victims and the police’s commitment to investigating these crimes. He advised the public not to interact or invest through the listed websites, noting that the investigation is still in its early stages but appears to be affecting victims around the world.
