Cypriot authorities have urged investors to be cautious after a local resident lost $58,000 in a cryptocurrency scam that promised lucrative returns.

According to what he knew a reportThe Limassol Criminal Investigation Department is currently investigating a fake cryptocurrency trading platform that scammed a 50-year-old man.

Notably, the victim found a fake website in December. At first glance, the platform seemed legitimate and offered investment opportunities that resembled a regular cryptocurrency trading website, complete with detailed charts, interactive dashboards, and profit trackers.

Convinced by the platform's professional appearance and promise of high returns, the man invested a total of $58,000 across multiple transactions, believing he was accumulating gains.

The rigged dashboard, a common tool used by scammers to trick victims into believing their investments are growing, continued to show his profits were rising, making it all seem real.

However, when the victim tried to cash out these winnings, the scammers refused to release the funds, claiming that there were additional fees or deposits required to “unlock” his winnings.

This tactic, known as advance fee fraud, is commonly used in cryptocurrency scams where victims are pressured into paying additional funds under false pretenses, only to find that their funds remain inaccessible.

The Financial Crimes Investigation Bureau, a specialist agency charged with combating financial fraud and cybercrime, advised against sharing sensitive financial and personal details, and urged investors to "invest only with licensed and recognized financial institutions."

Furthermore, the office added that investors should always check the credibility of any advisor or platform they deal with.

The Washington State Department of Financial Institutions has issued similar warnings on multiple occasions throughout 2024.

Agency Highlight An incident occurred in June in which another victim of advance fee fraud lost $310,000 worth of cryptocurrencies to a fake digital asset trading platform dubbed Ethfinance, while also issuing warnings against two other platforms running similar schemes.

The following month, a more complex scam was uncovered in which fraudsters... I offered Victims are given fake loans to participate in cryptocurrency investment schemes with promises that profits from their trading accounts will cover the premiums.

However, victims had to repay the loans out of their own pockets because their earnings were locked and remained completely inaccessible on the platform.