Cyprus: 61-Year-Old Man Loses Over €77,600 in Cryptocurrency Investment and Recovery Scams

A 61-year-old resident of Paphos, Cyprus, lost over €77,600 through two linked cryptocurrency scams: an initial investment fraud and a subsequent recovery fraud. After being lured by social media advertisements, the victim was targeted again by scammers claiming to recover his losses.

How the Scam Works

Stage 1: Cryptocurrency Investment Fraud

In mid-February, the victim encountered an advertisement on social media promoting cryptocurrency investments. After contacting an English-speaking woman through a mobile application and following her instructions, he transferred €6,200 from his bank account to cryptocurrency and sent it to an unknown digital wallet for "investment."

The victim was then provided with a link to track his investments, which displayed apparent profits. However, when he attempted to withdraw his funds, he was asked to pay an additional €3,222. Realizing he was deceived, the victim ceased communication with the woman.

Stage 2: Recovery Scam

One month later, two Greek-speaking men contacted the victim by phone, claiming to be specialists in recovering funds lost to online fraud. They promised to recover his initial losses and help him withdraw the purported profits from his previous cryptocurrency investments.

Between March 20 and July 27, the victim made multiple bank transfers to overseas accounts provided by the suspects. Various pretexts were used to request payments, including commission fees and taxes allegedly necessary to complete the recovery and profit withdrawal process. The victim ultimately received nothing and realized he had been defrauded a second time.

Warning Signs and Red Flags

Unsolicited investment solicitations on social media
Contact from unknown individuals via low-security messaging applications
Fraudulent profit displays on tracking links
Requests for additional fees when attempting to withdraw funds
Subsequent demands for payment under the guise of recovery services
Inability of the other party to provide documentary evidence of investments or profits

Prevention Tips

Never respond to investment solicitations from unknown individuals
Only invest through registered and regulated financial institutions
Verify the legitimacy of any organization before transferring funds to digital wallets
Treat requests for additional fees during fund withdrawal as a red flag for fraud
Never engage with individuals claiming to specialize in fund recovery; use official legal channels if recovery is needed
Always consult with family or trusted third parties before making any financial transfers

Where to Report

Victims in Cyprus should contact the Paphos Criminal Investigation Department. In other countries, victims should report to local law enforcement or consumer protection agencies.