Crypto

Will Europeans become easy prey for crypto scammers?

The Immunefi report showed that the crypto industry lost about $4 billion in 2022. 4.4% of this amount was due to skillfully coordinated scams and scams on the BNB and Ethereum network. In the same year, Europeans lost more than $2.1 million in online investment fraud, according to Europol and Eurojust. An alarming figure in the eyes of these EU government agencies.

$2 million lost due to crypto scam

The spread of crypto scams is a scourge that the US Department of Justice took very seriously in October 2022. At that time, there was a freeze of cryptocurrencies belonging to the authors of the “pig butchering scam”.

Europol and Eurojust Joint Investigation Report

“Call centers selling fake cryptocurrencies have been shut down in Bulgaria, Serbia and Cyprus.

Criminal organizations lured victims to invest over $2 million in fake crypto investment sites. »

On January 12, the Europol website announced a successful investigation that had been ongoing since July 2022 into the facts of fraud with cross-border cryptocurrencies. With the support of government agencies and crypto companies, it covered Bulgaria, Germany, Serbia and the island of Cyprus.

Here is the result of the investigation:

“Day of Action on January 11, 2022 resulted in:

  • 15 arrests, including 14 in Serbia and one in Germany;
  • interviewed 261 people, some of whom are awaiting prosecution (42 in Bulgaria, 2 in Cyprus, 3 in Germany and 214 in Serbia);
  • Searched 22 properties (5 in Bulgaria, 2 in Cyprus, 15 in Serbia), including: 4 call centers and 11 residences in Serbia; 2 residences in Cyprus; 2 companies and 3 residences in Bulgaria;
  • The confiscations include 3 hardware wallets containing about $1 million in cryptocurrencies and about €50,000 in cash, 3 vehicles, electronic equipment and data backups, documents. »

methods of work of the suspects

According to Cointelegraph, the crypto scammers operated in this way: they first lured victims from different countries into investing in fake cryptocurrency investment systems and websites in order to make significant profits. Sometimes they pose as government agencies and companies and use at least 4 call centers in Eastern Europe.

In short, we are not close to the end of the crypto scam yet. The crypto community and developers of projects such as PancakeSwap and Dogecoin have repeatedly alarmed investors about this. So vigilance is key.

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Mikaya ANDRIAMAHAZOARIMANANA avatar
Mikaya ANDRIAMAHAZOARIMANANA

Blockchain and crypto revolution is in full swing! And on the day when the blows are felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it.

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