Detectives in Vienna, Austria have disrupted a crypto fraud operation called "Rip-Deal 2.0" and arrested a 39-year-old suspect with help from Europol. The suspect engaged in a new variation of the Rip-Deal scam, where victims exchanged cryptocurrency for counterfeit cash. The suspect was also found in possession of €200,000 in fake cash. The police believe that organized gangs from the Western Balkans are often involved in these crimes. The investigation started in 2021 after a private investigator contacted the Vienna police department. The suspect targeted victims in Austria, Switzerland, and Germany, using methods such as stealing passwords and seed phrases for cryptocurrency wallets, and spying on victims' phone screens using hidden cameras. The Viennese police's Rip-Deal fraud unit has resolved 102 cases with €25 million worth of damages since 2020, but they believe many cases go unreported due to fear of implication and involvement with counterfeit money. Cybersecurity firms and law enforcement can build trust by offering anonymous reporting mechanisms and ensuring victims will be treated with sensitivity and confidentiality.



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