A Limassol resident has fallen victim to a sophisticated cryptocurrency investment scam, losing €430,000 after giving wallet access to fraudsters posing as investment platform representatives.
The incident, which occurred between June 2024 and February 2025, involved scammers who convinced the victim to grant them access to his cryptocurrency wallet. The perpetrators subsequently transferred the funds to various other crypto addresses.
The scammers lured the victim with promises of guaranteed profits reaching $1.5 million. In January 2025, they attempted to extract additional funds from the victim by claiming these profits needed to be "unlocked" through further payments. The victim refused this request, leading to the discovery of the fraud.
The Cyprus Police Cyber Crime Unit has launched an investigation into the case and issued warnings to the public about cryptocurrency investment scams. Law enforcement officials advise crypto investors to:
- Trade only through recognized cryptocurrency exchanges
- Never share wallet access codes or account credentials
- Refuse remote computer access requests
- Enable two-factor authentication on all crypto accounts
- Be wary of guaranteed profit promises
- Seek professional guidance before making large investments
The case highlights the growing trend of cryptocurrency-related fraud schemes targeting investors in Cyprus. Police emphasize that cryptocurrency investments carry inherent risks, including potential total loss of invested funds.
The investigation remains ongoing as authorities work to track the stolen funds and identify the perpetrators behind this large-scale crypto scam.