Poland and Slovenia confront fallen cryptocurrency pyramid schemes

In a swift response to the August 2025 collapse of the Coinplex pyramid scheme in Poland, a “pig butchering” scam that defrauded thousands, Polish authorities arrested nine key promoters on1 September, seizing €400,000 in cash and assets. EUalive’s partner in Slovenia Siol.net reports.

Meanwhile, Slovenia grapples with similar frauds, as police investigate the Conti scheme, which swindled over 10,000 Slovenians in 2024, highlighting a regional surge in cryptocurrency scams.

Poland’s rapid crackdown on Coinplex

The Coinplex scheme, which targeted Polish citizens with promises of high daily returns through fake automated cryptocurrency trading, collapsed after defrauding thousands from late 2024 to August 2025.

Operating as a classic Ponzi scheme, it paid early investors with funds from new recruits. The Central Office for Combating Cybercrime in Rzeszów, after months of investigation, conducted raids at 21 locations, arresting nine individuals who publicly promoted the scheme at recruitment events.

Polish cybersecurity experts also warned victims to delete the Coinplex app, which contained dangerous malware. While local promoters face justice, the masterminds, likely based in Southeast Asia with ties to Chinese organized crime, remain at large, as Chinese terms were found in Coinplex’s website code.

Slovenia’s ongoing Investigation into Conti and beyond

In Slovenia, the Conti pyramid scheme, strikingly similar to Coinplex, collapsed in 2024 after defrauding over 10,000 investors. The Slovenian police, under the Koper District State Prosecutor’s Office, are conducting a large-scale criminal investigation, but no arrests have been reported, unlike Poland’s swift action.

Another scheme, Nuvonex, targeted Slovenians in 2025, with 99% of its website traffic from the country, raising concerns about its legitimacy as a potential “pig butchering” scam. These frauds exploit trust, convincing victims to invest heavily before abruptly shutting down, leaving investors empty-handed.

The “pig butchering” phenomenon

Coinplex, Conti, and Nuvonex exemplify “pig butchering” scams, a term for pyramid schemes often originating in Southeast Asia. These frauds build close relationships with victims to extract large investments, only to vanish when new funds dry up.

European law enforcement struggles to apprehend the main culprits, as investigations often stall without cooperation from authorities in the perpetrators’ home countries.

Slovenia’s response to pyramid schemes lags behind Poland’s. The OneCoin scam, one of the largest globally, defrauded 10,000–15,000 Slovenians between 2015 and 2018, yet no local promoters faced investigation, despite their public roles. Some even invested in luxury real estate or moved abroad, as reported by Necenzurirano.si.

This lack of accountability fuels scepticism about Slovenia’s ability to tackle such frauds effectively.

Other sources: Necenzurirano.si, edited by g.g.

Caption: Seized cash and promotional materials for the Coinplex pyramid scheme. Photo: Polish Central Office for Combating Cybercrime