Cyprus man scammed out of $58,000 in online crypto investment

Police in south Cyprus said they were investigating a new case of cyber fraud after a Limassol man reported he was scammed out of $58,000.

Greek Cypriot police on Sunday January 5 said a 50-year-old man reported to Limassol CID that after an online search he found a website highlighting schemes to invest in with the aim of profit. Through it he invested $58,000 in cryptocurrency in December.

When he later tried to claim his profits, he was instead asked for further funds to allow him to withdraw the money as a result of which he could not withdraw the money he had invested or his alleged profits.

Suspecting he had been scammed, the man reported the incident to the police on Sunday, and the Limassol CID is now investigating a case of fraud.

The police again urge the public to act with caution when responding to online promises of big returns on investments, and advised working only with known advisors.