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Crypto fraud web unravels in Cyprus

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By Aggregated - see source on May 11, 2024 Scams
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[Pixabay]

A well-established international cryptocurrency fraud, dismantled recently, resulted in numerous victims and significant profits for a criminal network.

Operating out of Cyprus, the organization convinced investors of a new cryptocurrency issuance, similar to past cases in the country. About a year and a half ago, authorities dismantled a similar network that earned tens of millions of euros.

According to Europol, from December 2017 to February 2018, the perpetrators pretended to establish a genuine online trading company, purportedly issuing a new cryptocurrency.

During the initial coin offering (ICO), they solicited at least 10 million crypto tokens in exchange for money. Investors paid using established cryptocurrencies like Bitcoin and Ethereum. The Austrian perpetrators asserted credibility by claiming to have developed a unique algorithm alongside their software for selling the tokens. Unfortunately, this turned out to be false.

Typically, an ICO relies on transparency, communicating the responsibilities of each team member to prospective investors. However, in this case, Europol noted a lack of transparency regarding team members and the cryptocurrency algorithm.



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