Limassol resident loses €30,000 in cryptocurrency scam

A 54-year-old resident of Limassol reported to the police yesterday that he was scammed out of €30,000 by an online scammer posing as a cryptocurrency investment advisor.

According to the complaint, between March 3 and July 2, 2024, the unknown perpetrator contacted the victim through the Internet, gaining his trust with promises of significant profits from cryptocurrency investments. The scammer used various deceptive tactics to persuade the man to invest a total of €30,000.

The victim realized he had been scammed when he attempted to withdraw his supposed gains but found that the transaction was not possible. The case has been taken up by the Cybercrime Investigation Branch, which is actively pursuing leads.

The Police are advising the public to exercise extreme caution with cryptocurrency investments. They recommend the following precautions:

- Verify the legitimacy of cryptocurrency exchanges and know who you are dealing with.
- Never share passwords for e-wallets or online bank accounts.
- Avoid granting remote access to your computer to others.
- Be aware of the high risk involved in such investments and the potential for significant financial loss.
- Enhance security settings on cryptocurrency accounts with two-factor authentication.
- Remain skeptical of promises of large profits and seek advice from experts.

The investigation into the scam is ongoing.