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Cyprus

Cryptocurrency scam costs social media user €49,000

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Police on Tuesday said they are investigating an online scam after a 43-year-old Limassol resident reported he lost €49,000 in cryptocurrency investments.

The complainant said he contacted a person who was involved in investments to receive advice regarding cryptocurrencies early July.

The two exchanged messages through social media and agreed to create a digital wallet at specific trading platforms for the 43-year-old.

In five different occasions, the complainant was instructed to use his credit card and deposit money to the online accounts, with the total amounting to €49,000, he told police.

The scammer then asked him for more money before he would submit his alleged profit to him. Then, the 43-year-old decided to contact the man via phone, and realised that he had no connection to the social media profile or its user.

The economic crime investigation office at Limassol CID continues investigations.

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