Europol said overnight police in several countries have arrested 184 alleged members of the pedophile ring and rescued 230 children since the operation began in 2007.
"Six-hundred-and-seventy suspects have been identified, 184 arrests have already been made and 230 children, the victims of these terrible crimes, have been identified and rescued from further harm,'' the policing agency's director, Rob Wainwright, said during a press conference in The Hague.
"We expect these numbers to rise further,'' he said, adding: "This is already the biggest case of its kind we have ever seen."
Dubbed Operation Rescue, Europol said the probe started three years ago, and targeted an online network, its server based in The Netherlands, with almost 70,000 members worldwide at its height. It has since been taken down.
The suspects were members of an online forum, boylover.net, that promoted sex between adults and young boys.
Europol said the website operated as a forum where members connected without committing an offence. Having made contact on the site, they would then use other channels, such as email, to exchange images and films of children being abused.
"I can confirm that this is one of the most successful police operations in recent years in what is probably the largest online paedophile network in the world,'' Wainwright said.
In the course of the investigation, the agency sent more than 4000 intelligence reports to police authorities in more than 30 countries.
Fifteen Victorians are among the Australians arrested by Australian Federal Police officers since investigations began in 2007.
The AFP started investigating in August 2007 and discovered several of the internet addresses came from Australian internet service providers.
AFP high tech crime operations investigation manager Grant Edwards said four children had been removed from harmful situations and arrested 31 suspected offenders.
"The Australian suspects in this operation are aged between 19 years and 84 years, including four suspects we will allege were senior members of this syndicate,’’ Commander Edwards said.
"These suspects are from all walks of life, from scout leaders, to lifesavers and teachers."
Two of the Victorians arrested since the operation began, George Iliakis and Philip Alan Reid, have already been jailed.
Brighton Grammar teacher Iliakis, of Edithvale, was jailed last year after handcuffing and gagging children to fuel his twisted fantasies.
Iliakis, who was jailed last year for four years with a minimum of two years, had a decade-long obsession with young boys and kept more than 16,000 child pornography images at his marital home.
For four years the grade 6 teacher used the name "Mr Teacherman'' to trade sick requests with other online child porn users, sending them videos and photos he had taken himself. He did not molest any students at the exclusive bayside school.
Reid, of Malvern, was jailed over child pornography in 2008 for three years with a minimum of 15 months.
The former music teacher admitted writing a note about how to "seduce and develop relationships with young males", sentencing judge Lance Pilgrim said.
The AFP worked along side the Child Exploitation and Online Protection Centre, the U.S. Immigration and Customs Enforcement agency, Europol and other international agencies as part of the bust, dubbed Operation Rescue.
Commander Edwards said the total number of children safeguarded around the world would never be known because child porn was ``such a limitless crime”.
The website, which portrayed itself as a discussion only forum where people could share their sexual interest in young boys without committing any specific offences, has been taken down.
Members made contact on the site and moved into more private channels like email to exchange and share illegal images and films of children being abused.
Internet investigators also tracked offenders who had migrated to other sites.
Commander Edwards said further investigations and risk assessments then continued against multiple suspects who did not realise they were being probed.
"At the end of the day, our goal is simple: child safety," he said.
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