Greek Cypriot man loses €434,000 in online scam

Greek Cypriot authorities are investigating a new online cryptocurrency scam following a report from a 53-year-old man who claimed to have lost €434,000, police announced on Wednesday.

According to the man’s report, an unidentified individual persuaded him online to invest in cryptocurrency. He subsequently transferred $508,893—approximately €434,000—to several bank accounts and digital wallets, only to later realise he had been scammed.

Police are urging the public to be cautious when conducting transactions online and to deal exclusively with reputable companies and certified financial advisors.

They also stressed the importance of safeguarding personal information, such as bank account and card details, as well as passwords to online services and email accounts, warning that these should never be shared with anyone.