Cyprus Police Probe Two Crypto Scams After €75,000 Losses

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 sent €250 to an overseas account, which was later returned as apparent profit.

Nicosia Victim Lost €48,500 After Fake Profit Payout

That early payout became the hook in the first case. After receiving the returned money, the victim allowed three more transfers.

The payments rose from €1,000 to €7,500, before a final transfer of €40,000. The total loss reached €48,500 before a relative checked the platform and found it was fake.

The case shows one common feature in crypto scams: the first payment may appear successful. That small gain can make a fraudulent platform look real before larger requests follow.

Paphos Investor Faced Extra Fees To Unlock Fake Gains

The second complaint involved a 39-year-old Paphos man, who found a website presenting itself as a cryptocurrency investment platform. He contacted its operators and communicated with a woman claiming to represent the site.

Following her instructions, he transferred cryptocurrency worth €12,448 to a specified account. He also gave remote access to his computer, repeating another warning sign.

However, when he tried to withdraw supposed profits, the platform operators demanded extra payments for alleged expenses. Police said the demands continued after further payments.

The victim eventually realized he had been defrauded. His total losses reached about €26,400, bringing both reported cases close to €75,000.

European Crypto Fraud Cases Share The Same Playbook

The two cases now sit with financial crime investigators. Cyprus police urged the public to treat online investment offers promising quick or unusually high returns with caution.

The pattern matches earlier European cases involving fake cryptocurrency investment platforms. Victims have been recruited through social media advertising, cold calls, fake news articles, and fake testimonials.

Fraudsters often block withdrawals after funds are transferred. As a result, CySEC warns that high-return promises should be checked against warning lists and approved domains.

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