Digital swindlers successfully pocketed 134,000 Euro through Internet fraud - Cybercriminals bleed European bank accounts dry of €134,000
A 49-year-old man from Neustrelitz, Germany, has fallen victim to a sophisticated crypto scam involving a fake endorsement by a well-known politician. The incident underscores the growing problem of crypto scams, with billions lost worldwide in 2025 alone.
The fraud was committed under the pretense of high returns on cryptocurrencies. The scammers contacted the victim via phone and online messages from June onwards. To gain the victim's trust, they used a fake online ad featuring a well-known politician to endorse the investment opportunity.
The initial investment required was 250 euros, but the man was later instructed to transfer more money to the scammers several times. To withdraw the funds, the scammers suggested that he take out a loan, which they promised to repay. In the end, the man was left with a six-figure loss.
The police strongly advise against investing money through insecure websites and warn against being swayed by ads featuring prominent or well-known people online. They advise individuals to verify endorsements independently, use hardware wallets for crypto assets, download software and apps only from official sources, maintain strong digital hygiene, research investment opportunities thoroughly, and report scams promptly to law enforcement and relevant regulatory bodies.
The anonymity and irreversible nature of blockchain transactions, combined with cross-border operations and low prosecution rates, make these scams highly lucrative and difficult to police. Fake endorsements by politicians or celebrities commonly appear in scam offers, often via social media, fake websites, or messaging platforms to create false credibility and attract investors.
In 2024 and early 2025, billions of dollars have been lost to crypto scams worldwide—estimates suggest losses up to $3.1 billion in just the first half of 2025. Scammers are finding increasingly sophisticated and realistic ways to deceive people, and it is crucial for investors to stay vigilant and practice strong security measures.
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