The Cyprus authorities have issued a warning following a cryptocurrency scam in which a local individual lost $58,000. The victim found a fake crypto trading platform in December that appeared legitimate and promised high returns. The platform used a manipulated dashboard to trick the victim into believing their investments were growing. When the victim tried to withdraw their profits, the scammers demanded additional fees and deposits. This tactic, known as advance fee fraud, is commonly used in crypto scams. The Financial Crime Investigation Bureau advised investors to be cautious, only invest with recognized institutions, and check the credibility of advisors or platforms. Similar warnings have been issued previously by the Washington State Department of Financial Institutions.



Other News from Today