Cryptocurrencies
Clients of Estonia’s E-Residency Project Linked to Crypto Scams
- Police report describes several cases of ‘large-scale’ fraud
- Baltic EU member has been mounting a digital push for years
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Foreigners granted remote access to Estonia’s digital infrastructure through its e-residency program are being linked to crypto-currency frauds abroad, threatening efforts to repair the Baltic nation’s image after one of Europe’s largest money laundering scandals.
Companies registered overseas and headed by Estonian e-residents have been involved in “a few large-scale exit scams,” the police’s Financial Intelligence Unit said last week in a report, referring to a form of deception where clients are unable to withdraw their assets.