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Man Scammed Out of €90,000 in Cryptocurrency Fraud

Published March 4, 2026, 09:20
Man Scammed Out of €90,000 in Cryptocurrency Fraud

The Paphos Police are investigating a new case of online fraud, where a 66-year-old man fell victim to a scam. The man was deceived by unknown individuals who convinced him to invest in cryptocurrencies through online communication platforms between May and November 2025. According to his report, the perpetrators guided him to transfer a total of €89,816 to a cryptocurrency platform, into an account they had created for him. After the transfer, the perpetrators disappeared, and the 66-year-old lost contact with them and access to the account. The 66-year-old realized the fraud when he was unable to contact the perpetrators and access his account. The case has been assigned to the Financial Crime Investigation Office of the Paphos TAE for further investigation. The Police are warning the public to be particularly careful with online investments and transactions, and to cooperate only with recognized companies and approved advisors. They also remind the importance of protecting personal and banking details, as well as passwords, and not disclosing them to any unknown individuals.