$87M Crypto Scam Exposed, Norway Charges Four Suspects

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$87 Million Crypto Scam Exposed, Norway Charges Four Suspects

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 19, 2025

Key Takeaways

Four Norwegian men face prosecution for running an $87 million crypto Ponzi scheme from 2015 to 2018;
Authorities say the scam laundered over $62 million through a Norwegian firm and foreign accounts;
The scheme used multiple rebrands and fake cryptocurrencies to attract global investors.

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$87 Million Crypto Scam Exposed, Norway Charges Four Suspects

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Norwegian authorities have prosecuted four men in connection with a large-scale investment scam that allegedly defrauded investors of NOK 963 million ($86.5 million) between March 2015 and November 2018.

According to Økokrim, Norway’s economic crime agency, the operation worked by encouraging people to buy “product packages” containing digital assets. However, the only money flowing in came from new investors, making it a classic Ponzi scheme.

Prosecutors claim more than NOK 700 million ($62.7 million) was laundered through a Norwegian investment firm before being transferred to accounts in several Asian countries.

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The four accused are Norwegian men in their 50s, 60s, and 70s. Three are suspected of collecting money from investors, while the fourth is accused of handling the laundering process.

Among the accused is Terje Hvidsten, a former art dealer with previous fraud convictions. Another suspect, Dag Hætta Eriksen, also has a criminal record related to fraud and corruption. The remaining two suspects include a 52-year-old from Romerike, who denies any wrongdoing, and a 70-year-old former lawyer accused of laundering funds.

The scheme operated under different names, including Crypto888 Club, Octa Partners, and Nano Club. Each rebranding introduced a new cryptocurrency—OctaCoin, NanoCoin, and Ormeus Coin.

State Prosecutor Joakim Ziesler Berge described the case as a serious and widespread fraud, stating that “a great many victims in many countries have lost their money, and significant sums have ended up with the defendants”.

Recently, Australian police arrested four people tied to crypto ATM break-ins and trading card thefts. How did the case go? Read the full story.