Newsroom
In yet another online scam that’s been plaguing the country, a 53-year-old man in Cyprus was tricked into sending more than €434,000 to what he believed were cryptocurrency investments, only to discover he had fallen victim to fraud.
According to police, the man filed a complaint with the Electronic Crime Sub-Directorate, saying he had been in contact with an unknown person online between April 2024 and January 2025. Over time, the scammer gained his trust and convinced him to invest in cryptocurrency through various platforms.
The man ended up transferring a total of $508,893 (about €434,890) to a number of bank accounts and e-wallets. He later realized it was all a sham.
Public warned to be vigilant
The case is now under investigation, with police using the opportunity to remind the public to be extremely cautious when making financial decisions online, especially when approached by strangers.
“Only work with licensed investment advisors and recognized companies,” the police said, stressing that financial deals that seem too good to be true often are.
They also urged the public to protect their personal information, including
- Bank account and card details
- Passwords to email or online accounts
- Any private or sensitive data shared online
Crypto frauds and internet scams on the rise
This latest case is one of many similar scams targeting people in Cyprus, often involving fake investments, online relationships, or fraudulent job offers. Authorities say scammers are getting more sophisticated, making it harder for people to spot red flags.
Police are encouraging anyone with doubts or suspicions to seek expert advice and to report potential scams immediately.
For help or to report suspicious activity, citizens can contact the Cybercrime Unit or visit the official Cyprus Police website.
