Cyprus Police Probe Two Crypto Scams After €75,000 Losses
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Cyprus police disclosed on June 5 that two crypto investment scams cost victims nearly €75,000 in combined losses, including a 72-year-old man in Nicosia who lost €48,500 after responding to an online advertisement. Scammers used remote-access apps, staged profit payouts and withdrawal-fee demands to extract funds, and financial crime investigators are handling the cases while police warn about high-return investment site fraud, underscoring security and fraud risks for crypto adoption.
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- Two men in Nicosia and Paphos lost nearly €75,000 to fake crypto investment sites.
- Scammers used remote-access apps, fake profit payouts, and withdrawal-fee demands.
- Financial crime investigators are handling the cases as police warn against high returns.
Cyprus police are investigating two crypto scams after two men reported combined losses of nearly €75,000. The complaints, disclosed on June 5, show how fake investment sites can turn small test payments into larger losses through trust-building.
According to local media reports, a 72-year-old Nicosia man lost €48,500 after responding to an online advertisement promoting cryptocurrency investments. A man posing as a company financial adviser instructed him to install an application on his computer.
The application allegedly allowed remote access to his online banking activity. Police said the victim first…
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