Man scammed of over $100,000 in cryptocurrency fraud in Cyprus

Police in Cyprus (south) are investigating a new case of online fraud and extortion of cryptocurrencies, worth $110,000, following a complaint by a 26-year-old man.

Limassol police on Monday that the 26-year-old had reported that last September a member of a cryptocurrency investment platform, in which he participated, urged him to invest in a project by an investment organisation and instructed him to contact its founder.

The 26-year-old contacted the alleged founder of the project, who convinced him to make two cryptocurrency transfers, with a total value of $110,000 to a specific cryptocurrency wallet.

Two days later, the 26-year-old found he had been thrown out of the group and suspected he had been cheated, since he could neither contact the people he had been talking to nor recover his money.

Limassol police’s financial crimes office is investigating the case.

In the light of the new fraud complaint, the police are urging people to be wary of any online transactions or investments.

The public is advised to cooperate only with recognised companies and approved advisers for any financial investments.

Bank account and credit card details, passwords or other personal data should be protected and never disclosed to anyone.