• About Us
  • Careers
  • Contact
No Result
View All Result
Sunday, September 14, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Crime

Cyprus Authorities Investigate $58,000 Crypto Scam Targeting Investor with Fake Trading Platform

7 January 2025
in Crime, News
Reading Time: 3 mins read
108 3
source: wired.com

source: wired.com

Law enforcement authorities in Limassol, Cyprus, are reportedly investigating a fraudulent cryptocurrency trading platform that scammed a 50-year-old man out of over $58,000.

The victim discovered the platform in December 2024, drawn in by its professional design and interactive tools, which mimicked legitimate trading sites. The site featured detailed charts, profit-tracking dashboards, and promises of substantial returns. Convinced by its appearance, the man made several transactions, believing his investments were growing as displayed on the manipulated dashboard.

This fraudulent tactic, common in crypto scams, used fake profit indicators to convince the victim his funds were increasing. When he attempted to withdraw his “profits,” the scammers blocked the transaction, demanding additional fees to “unlock” the funds. This scheme, known as advance-fee fraud, traps victims into making further payments while remaining unable to access their money.

Throughout 2024, the Washington State Department of Financial Institutions issued warnings about this kind of investment scams and platforms. In June, a victim lost $310,000 worth of cryptocurrency to the fake trading platform Ethfinance, part of a larger scheme involving advance fee fraud. The agency also cautioned the public about two other platforms running similar fraudulent operations.

Meanwhile, a spokesperson from Cyprus’s Financial Crime Investigation Bureau, which specializes in financial fraud and cybercrime, has urged Cyproits to avoid sharing personal or financial information with unverified platforms and to only invest through licensed financial institutions. They emphasized the importance of thoroughly vetting advisors and platforms before investing to avoid falling victim to such scams.

In a related development in Vietnam, police in Hanoi city dismantled a major scam scheme. They arrested several individuals involved with a company promoting a fake crypto token, “Quantum Financial System (QFS)”. The scammers lured over 300 victims, promising interest-free funding and exclusive financial opportunities. During elaborate promotional events, they persuaded victims to invest between 4–39 million dong ($190–$1,350). The authorities were able to successfully prevent nearly 30 billion dong ($1.17 million) in potential losses.

If you want to read more news articles like this one, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and the CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Share65Tweet41Share11
Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

Related Posts

source: wublock.substack.com
Crypto

Fidelity and Canary Capital Spot ETFs for Solana, Hedera, and XRP Appear on DTCC List Ahead of SEC Decision

12 September 2025
source: thenew.money
Crypto

CleanCore Solutions Reaches Halfway Mark in $1B Dogecoin Treasury Plan

12 September 2025
source: theblock.co
Crypto

Gemini Sets IPO Price at $28, Launching on Nasdaq with $425M Valuation

12 September 2025
source: siliconcanals.com
Bitcoin

Bitcoin Consolidates as Altcoin Treasuries Drive Market Energy— Novogratz

12 September 2025

Editors Picks

Web3 in 2025: Where We Are, What’s Next, and What the Data Says

Web3 in 2025: Where We Are, What’s Next, and What the Data Says

byOlayinka Sodiq
21 July 2025
0

What Is a Rebase Token and How Does It Work?

What Is a Rebase Token and How Does It Work?

byOlajumoke Oyaleke
28 June 2025
0

What Are DeFi Options Vaults, and How Do They Work?

What Are DeFi Options Vaults, and How Do They Work?

byOlajumoke Oyaleke
26 June 2025
0

What Are Teardrop Attacks in Crypto?

byOlajumoke Oyaleke
17 June 2025
0

What Are Fractional NFTs, and How Do They Work?

What Are Fractional NFTs, and How Do They Work?

byBlessing Lisafi
7 February 2024
0

Read More

Chain of Thoughts

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

byOlu Omoyele
30 August 2025
0

...

What Happens When AI Gets a Wallet?

What Happens When AI Gets a Wallet?

byOlu Omoyele
31 July 2025
0

...

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

byOlu Omoyele
30 June 2025
0

...

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

Markets Update

From Rice Fields to Blockchain: Is Vietnam Becoming Asia’s New Crypto Hub?

16 hours ago

Your Weekend Crypto Roundup | September 2025 (Week 2)

1 day ago

Why Are Crypto ATM Limits and Bans Surging Across the U.S?

2 days ago

Crypto Bug Bounties: How to Get Started

3 days ago

El Salvador’s Big Bitcoin Bet: Closing in on $1 Billion?

3 days ago

$312B Laundered: The Silent Truth Fiat Hides from Crypto’s Critics

3 days ago
Read More

Events

Korea Blockchain Week 2025
Korea Blockchain Week 2025
22 Sep 25
Seoul

Spotlight

All about Ethereum
All about Algorand
All about Bitcoin
All about Gora

Press Releases

Ethereum Based Meme Coin Pepeto Presale Past $6.6 Million as Exchange Demo Launches

bychainwire
12 September 2025
0

BlockchainFX Raises $7.24M in Presale as First Multi-Asset Super App Connecting Crypto, Stocks, and Forex Goes Live in Beta

bychainwire
12 September 2025
0

Phemex Launches Multi-Assets Mode to Enhance Trading Efficiency and Risk Management

bychainwire
12 September 2025
0

Ethereum Meme Coin Little Pepe Crosses $25M, Announces 15 ETH Giveaway

bychainwire
12 September 2025
0

DOLLUM Expands Wallet Opportunities, Introducing New Security Features Following The DOL Token Sale

bychainwire
12 September 2025
0

Read More

ADVERTISING

ABOUT

TEAM

CAREERS

CONTACT

TERMS & CONDITIONS

PRIVACY POLICY

© Copyright 2025 DeFi Planet

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

Add New Playlist

No Result
View All Result
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

© Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00