Cyprus police warn public after crypto investor loses $58K to advance fee fraud

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

According to a Knews reportThe Limassol Criminal Investigation Department is currently investigating a fake crypto trading platform that scammed a 50-year-old man.

Notably, the victim discovered the fake website in December. At first glance, the platform appeared legitimate and offered investment opportunities resembling a typical cryptocurrency trading site, with detailed charts, interactive dashboards, and profit tracking tools.

Convinced by the professional aspect of the platform and the promise of high returns, the man invested a total of $58,000 in several transactions, believing he would accumulate profits.

A manipulated dashboard, which is a common tool used by scammers to make victims believe their investments are increasing, kept showing its profits increasing, making it appear as if it was all real.

However, when the victim attempted to cash out these profits, the scammers refused to release the funds, claiming that additional fees or deposits were required to “unblock” their winnings.

This tactic, known as advance fee fraud, is commonly used in crypto scams where victims are forced to pay extra money under false pretenses, only to later discover that their funds remain inaccessible.

The Financial Crime Investigation Bureau, a specialist agency tasked with combating financial fraud and cybercrime, has advised against sharing sensitive financial and personal information and urged investors to “only invest with recognized and licensed financial institutions “.

Additionally, the bureau added that investors should always verify the credibility of any advisor or platform they deal with.

Similar warnings have been issued by the Washington State Department of Financial Institutions multiple times throughout 2024.

The agency highlighted a June incident in which another advance fee fraud victim lost $310,000 worth of crypto to a fake digital asset trading platform called Ethfinance, while also issuing warnings against two other platforms that were running similar programs.

The following month, a more sophisticated scam was uncovered. offered Victims provided fake loans to participate in crypto investment schemes with the promise that profits from their trading accounts would cover repayments.

However, victims were forced to repay the loans out of their own pockets as their profits were blocked and remained completely inaccessible on the platform.