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.
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