Police Operation Targets Fake Trading Platforms
London’s Metropolitan Police have taken five men into custody as part of an investigation into what appears to be a sophisticated cryptocurrency investment scam. The suspects, ranging in age from 21 to 37, were detained on October 1st by the economic crime team. They’re facing allegations of conspiracy to commit fraud.
Detective Sergeant Stephen Bourne described the operation as using “highly convincing” fake trading websites that employed professional-looking content and aggressive marketing tactics. The sites apparently used fake endorsements to build credibility with potential investors.
All five individuals have been released on bail while the investigation continues. Police believe the total losses from this scheme could exceed $1.3 million, though they suspect the actual figure might be higher given the global reach of the operation.
Boiler Room Tactics and Follow-up Pressure
Investigators say this wasn’t just a simple online scam. The suspects allegedly operated what’s known as a “boiler room” setup from London, making follow-up calls to pressure victims into putting more money into digital tokens. The troubling part 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. The follow-up calls suggest the perpetrators were actively managing their targets rather than just setting up websites and waiting for people to fall for them.
I think this demonstrates how fraudsters are adapting traditional scam techniques to the crypto space. The combination of professional-looking online presence with old-school pressure tactics creates a particularly dangerous mix for unsuspecting investors.
Wider Fraud Landscape in the UK
This case emerges against a backdrop of increasing fraud reports across the UK. The numbers are quite staggering when you look at them. In September 2025 alone, Action Fraud—the UK’s national fraud reporting service—received nearly 50,000 calls and 9,000 web chats.
So far this year, they’ve processed 308,000 fraud reports representing over $3.3 billion in losses. Investment frauds specifically accounted for 25,000 of those reports, with total losses hitting $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 stretched thin trying to keep up.
Connected Websites and Ongoing Risks
Detectives have linked several websites to this network, including DTX Exchange, Intel Markets, Cryptids, Algo Tech Trades, and Unilabs Finance. Most of these sites appear to be defunct now, which is typical of such operations—they often shut down and reappear under new names.
Unilabs Finance remains active online, describing itself as “the best-performing crypto superfund” and claiming to manage $30 million in assets. The site didn’t respond to requests for comment about the police allegations.
The Metropolitan Police noted that some of these websites have previously operated under different domain names, making them harder to track. This domain-hopping strategy increases the risk to investors who might encounter what appears to be a new opportunity but is actually the same fraudulent operation.
Detective Sergeant Bourne emphasized the “devastating impact” fraud can have on victims and the police commitment to investigating these crimes. He advised the public not to engage with or invest through the listed websites, noting that the investigation is still in early stages but appears to affect victims worldwide.
