Nicosia: €60,000 Lost in Cryptocurrency Scam

Police are investigating new reports of online fraud involving alleged cryptocurrency investments, where two men, aged 37 and 45, lost a total of €60,000.

According to reports filed with the Nicosia TAE, the two men received messages about job opportunities with additional income and were led to invest in cryptocurrencies by an unknown "financial advisor."

The 37-year-old and 45-year-old transferred a total of €40,760 and €20,031 respectively to a cryptocurrency exchange platform and transferred cryptocurrencies to an electronic wallet indicated by the suspect.

When the suspect requested additional funds to release their profits, the two men realized they had been scammed. The Economic Crime Investigation Unit of the TAE is investigating the cases.

Police urge the public to be cautious with online transactions and investments, advising citizens to work only with recognized companies and approved advisors.