Cyprus police probe crypto scam after man reports $280,000 loss
A 41-year-old man told police he was lured through an online ad into a fake crypto investment, then blocked when he tried to take money out. Detectives are investigating.
Police on the island are looking into a suspected cryptocurrency investment fraud after a 41-year-old man came forward to say he had lost $280,000, as reported by Cyprus Mail. According to his complaint, the transfers took place between September and November 2026.
The man told officers he had spotted an advertisement online for a firm promising cryptocurrency investment opportunities. Someone posing as an investor then talked him into putting in $100,000 at the start.
He was later shown figures suggesting his holdings had grown substantially, which led him to send more funds. When he asked to cash out part of the balance, the people behind the scheme stalled and asked for extra payments to "complete procedures" for releasing his profits, the complaint states. Police investigations are ongoing.
What it means for residents
Online investment pitches that arrive through adverts and messaging are a recurring route for fraud on the island, and the pattern here — early deposits, impressive screenshots of profit, then demands for more money before a withdrawal — is a classic one. No regulator or legitimate platform asks for extra fees to unlock your own balance.
- Check before you send: verify any firm against the Cyprus Securities and Exchange Commission register and be wary of unsolicited approaches.
- Stop at the first excuse: if a withdrawal is blocked and you are asked to pay more, treat it as a warning sign and do not transfer further funds.
- Report quickly: contact police and your bank as soon as you suspect fraud; early notification can help trace transfers.
This text is written from the source article and is not a translation of it.
