Israeli news site Ynet has reported that all 26 suspects arrested last week in a suspected Forex and Crypto investment and brokerage scam targeting US retail clients have been released.

We had reported last week that only two of the suspects – Guy Grinberg and Snir Hananya – were publicly named, and apparently they were the only two who were brought to court for extended remand. But now, it appears as though all 26 suspects have been unconditionally released.

It is unclear if the case against some or all of the suspects will continue at this stage.

The arrests and seizure of computers and documents from an office in Tel Aviv followed an intensive joint operation between Israel Police and the FBI in the US.

Ynet quoted counsel for the suspects, Advocates Eyal Ohayon and Shachar Netzroni, as making statements such as:

“We are shocked by the unbearable ease with which innocent citizens’ rights were trampled…”

“My client was released before the ink on his appeal which we filed had a chance to dry. My heart aches for the damage done to his good name…”

“I am happy that both the Magistrate’s Court and the District Court accepted all [our client’s] claims and ordered the release of the suspect…”

We will continue to follow this story as it develops.