Cyprus Issues Cryptocurrency Warning After Investor Loses $58,000

NICOSIA – Authorities on Bitcoin-friendly Cyprus have told investors to be wary of cryptocurrency scams after an investor was bilked out of $58,000 with the promise of big returns, only to lose the money to fraudsters.

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The Limassol Criminal Investigation Department is  investigating a fake crypto trading platform that hoodwinked the 50-year-old with a phony website that seemed legitimate, said Kathimerini’s KNews Cyprus edition.

The site was persuasive and offered investment opportunities resembling a regular cryptocurrency trading site, complete with detailed charts, interactive dashboards, and profit-tracking tools, the report said.

It was enough to fool the investor who, lured by the hope of big returns, invested money with multiple transactions in the belief he was making big profits each time, tricked by a manipulated dashboard showing his alleged gains.

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But when he tried to cash in and take out the alleged returns the site refused to release the money unless additional fees or deposits were made to supposedly unblock his earnings, a tactic known as advance fee fraud.

The report said those are commonly used in crypto scams where victims are pressured to pay extra money under false pretenses, only to find their funds remain inaccessible, fooled again after first being taken.

The Financial Crime Investigation Bureau warned investors not to share sensitive financial and personal details and urged them to “only invest with recognized, licensed financial institutions,” and stay away from other sites.