Five men have been arrested in London as part of a police investigation into cryptocurrency scams that may have cost victims more than £1 million. The operation involved fake websites promising high returns on pre-sale investments. Authorities warn that the scams have affected people worldwide.
On Thursday, October 16, 2025, the Metropolitan Police announced the arrests of five men, aged between 21 and 37, in London. The suspects were detained earlier in the month on suspicion of conspiracy to commit fraud and have since been released on bail. Detectives from the Met's economic crime team are probing a series of scams linked to websites that falsely offered pre-sale investment opportunities in new cryptocurrencies.
The fraudulent sites promised investors cash returns that could more than double in value once the tokens were listed on major exchanges. However, police stated that the websites rarely intended to list the cryptocurrencies and could not guarantee any returns. A London-based 'boiler room' operation allegedly followed up with victims via calls to encourage additional investments, leading to potential losses in the millions of pounds for victims both in London and internationally.
The implicated websites include DTX Exchange, Intel Markets, Cryptids, Algo Tech Trades, and Unilabs Finance. Authorities noted that some of these sites previously operated under different domain names, complicating tracking efforts. 'These websites are highly convincing and use professional-looking content, fake endorsements and aggressive marketing tactics to lure people in,' said Detective Sergeant Stephen Bourne. He added, 'Once cryptocurrency is sent, it is almost impossible to recover. If you have any doubts, please do not invest.'
The investigation is in its early stages, but police believe the crime impacts victims globally. The Met Police advised thorough research before investing, checking the Financial Conduct Authority's warning list, and following five key tips: avoid rushed decisions, be skeptical of promises of guaranteed returns, do not advertise crypto holdings, beware unsolicited contacts, and verify web addresses and wallet details carefully.