Cyprus authorities urge caution after a major crypto scam leaves a local resident $58,000 poorer.
Fraud Case
According to Knews, the Limassol Criminal Investigation Department is investigating a fraudulent crypto trading platform that targeted a 50-year-old man. The victim encountered the fake site in December, which appeared professional and offered investments similar to legitimate trading sites.
Scammers' Tactics
The man made multiple transactions, enticed by promises of high returns. The dashboard displayed increasing profits, but when he attempted to withdraw, he was asked for additional fees to unlock funds—a tactic known as advance fee fraud.
Precautionary Measures
The Financial Crime Investigation Bureau advises against sharing financial and personal information with suspicious platforms. Investors are urged to verify the credibility of any advisor or platform. Similar warnings were issued by the Washington State Department of Financial Institutions throughout 2024 following similar incidents.
This incident underscores the need to verify licenses and trust only vetted financial institutions when investing in cryptocurrencies to avoid scams.
