Two men from Limassol, aged 48 and 52, were released from police custody on Tuesday afternoon after being arrested in connection with the illegal television streaming network DreamBox, police said.
The two men were released as police await the results of their investigations, authorities added.
Police are investigating electronic evidence, which was obtained from the homes of the two men.
Police are also awaiting evidence to be sent to Cyprus from Bulgaria, where the ring was centred.
The two men were remanded in custody following nine police raids across the island, and in Greece, Bulgaria and the Netherlands in broader collaboration with Europol’s mobile unit.
The group had allegedly established a significant technical network of servers to broadcast more than 1,000 cable channels – including Nova, Sky Cinema and Sky Sports – to more than half a million subscribers in Europe.
The illegal network was discovered by Nova Greece and later verified by CyTA as a piracy network existing in all four countries.