Crypto Scam Suspects Accused of Luring Victims With Fake Cash

French authorities charged a pair of suspected fraudsters with taking part in a €2 million ($2.1 million) cryptocurrency scam to rob victims whom they tempted with suitcases full of fake bank notes or digital wallets loaded with funds.

The two were the first to face formal charges for fraud and money-laundering offenses after raids in the Paris region, the ski resort of Megeve and the French Riviera city of Cannes, prosecutors said Friday.

The fraudsters allegedly used fake identities to set up meetings with targets in luxury hotels and restaurants in locations such as Paris and Milan. The victims would ...