Cyprus Police Investigate $58K Online Crypto Trading Scam

The Limassol Criminal Investigation Department is currently investigating a fraudulent cryptocurrency trading platform that scammed a 50-year-old man out of $58,000. Cyprus Authorities are urging investors to remain vigilant and exercise caution.

The victim encountered the fraudulent website in December. At first glance, the platform appeared to be a legitimate cryptocurrency trading site, complete with detailed charts, interactive dashboards, and profit-tracking tools, all designed to create a convincing facade.

Drawn in by the platform's professional appearance and the promise of high returns, the victim made several investments totaling $58,000, believing his gains were growing. However, the scammers employed a manipulated dashboard to make it seem as though his investments were generating significant profits.

When the victim attempted to withdraw his purported profits, the scammers demanded additional fees or deposits to "unlock" his funds, a tactic known as advance fee fraud. 

Cyprus authorities advise against sharing sensitive financial and personal information. Additionally, investors are advised to always verify the credibility of any advisor or platform they consider dealing with.

In June, an advance fee fraud case in Cyprus resulted in another victim losing $310,000 to a fraudulent digital asset trading platform known as Ethfinance.

This latest case highlights the growing threat of online trading scams. BrokersView recommends extreme caution with any online investment opportunities promising huge returns.