Cryptocurrency scam warning

1 min read

Police have urged the public to be vigilant of their online transactions after a 49-year-old man reported he was scammed out of over €40,000 after receiving advice on social media from someone he did not know on how to invest in cryptocurrency.

According to the police, the 49-year-old, who lives in Limassol, reported that, after receiving advice online from a woman, he invested €50,500 in cryptocurrency, most of which he could not withdraw, resulting in him losing €44,500.

After being convinced he could make a profit, the complainant said he deposited, between June 9 and July 25, €50,500, to a cryptocurrency exchange site. Then he transferred the portfolio to a cryptocurrency application on the woman’s advice.

He was able a few days later to withdraw €6,000, but when he tried to do the same on July 31, he was asked by the application to pay VAT and some other charges.

The complainant did not pay and reported the case to Limassol CID after suspecting it was a scam since he was unable to withdraw any of the money he had deposited while he lost contact with the woman.

Due to this new incident of suspected online fraud, police urge members of the public to be “especially careful.”

Police advise that if individuals receive a suspicious message or request, it is recommended that they contact the person who sent them the message for confirmation in a different way.

If they have taken any of the actions indicated, it is recommended to immediately check and change the access code to their accounts.

If they find something suspicious, police said, they should inform the authorities immediately.