Man scammed out of €30,000 in crypto fraud in Cyprus

Police in Cyprus (south) said on Monday they are investigating a new case of online fraud, after a man from Paphos claimed to have been scammed out of nearly €30,000 in a cryptocurrency investment scheme. 

The man, aged 40, told police that in November he had communicated on an online platform with a person unknown to him, who convinced him to invest in crypto.

The man bought the crypto, sending the funds to an e-wallet.

Later, he sought to withdraw the funds – along with ‘profits’ he had supposedly earned in the investment.

However the scammers then asked him to invest another €20,000.

Overall the man claims to have been scammed out of €28,958.

The police advise the public to be extra cautious when transacting over the internet, and to work only with reputable companies.

People should not give out personal data, such as bank account or credit card numbers, passwords, or emails.