Crypto Scam: Business Leader Loses 600,000 Euros on a Fake Platform

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A Trap Orchestrated by Fake Crypto Platform Managers

Despite constant vigilance, it remains difficult not to fall into the numerous traps set along the path of investors in the cryptocurrency sector, especially when malicious actors use the facade of an official crypto platform holding the necessary MiCA approval within the European Union.

This experience was evidently lived by a French business leader, who explains that he had << chosen a well-known platform >> for more security, as part of his complete testimony recently published by Les Échos. However, this very good initial decision was evidently not enough to protect the more than 600,000 euros he ultimately lost in this affair.

Indeed, shortly after signing up, the man explains that he was << contacted by a first person who seemed to know him very well >>, introducing himself as a manager of the platform. He had confidential information in his possession, such as his status as a business leader and the fact that he was a new client of the platform.

Naturally cautious, the man first listened to this advice with a wary ear, while simultaneously ignoring emails received in parallel. But other calls would follow, involving other interlocutors with whom he would eventually form a bond.

These people talked to me about many things, questioned me about my expectations, showed me how the real site of the platform worked, to gain my trust. During one of the many calls, the << manager >> spoke to me about an investment in a robot generating an interest rate of 1.3% per week, which was only offered to business leaders. Knowing that I am a business leader, he had thus struck a sensitive chord.

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When He Wants to Retrieve His Money, He Discovers Everything Was Fake

Very interested in this evidently tailor-made investment, the business leader began by investing small amounts that he was supposed to transfer to his crypto account and then transfer << to the support indicated by the managers >>. A procedure that appeared dubious, against which his vigilance quickly disappeared when he saw his money << growing before [his] eyes >>, while managing to make small regular withdrawals.

He then began to transfer larger amounts. Six months later, his interlocutors - evidently very patient - proposed a new investment in a token from Deutsche Bank, through an << interface that was actually an exact copy of my crypto intermediary's site >>, without the victim noticing. The trap had just closed for good.

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I did the math. In a year, my family and I have paid a total of over 600,000 euros. I eventually discovered the truth when I asked to retrieve a significant amount of money. At that moment, the exchange became less fluid. I was told that it was necessary to have the agreement of the financial service.

The man then contacts the customer service of the legitimate platform he is registered with, who informs him that << the emails received did not come from them, that the so-called managers were not employees of the platform, and that the site to which the fraudsters directed him did not belong to them >>.

He Initiates Proceedings Against the Platform and Its Banks

For the businessman, there is no doubt: << the people behind the scam had access to [his] crypto wallet >>. He has therefore decided to hire a lawyer to initiate discussions to seek compensation from the platform, but also to pursue an amicable procedure with the banks BRED and Revolut for << failure to fulfill their duty of vigilance >>.

Never did these institutions express concern about the increasingly large flows of money leaving my current account. This is all the more surprising given that in the course of my professional activity, I have had several instances where the bank blocked low-value transfers because they seemed suspicious, until I provided the necessary documentation for them to carry out the required checks.

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Following this misadventure, the businessman asserts that victims of this type of scam should come out of silence and not feel guilty, but also seek the help of lawyers and associations to support them in this fight. Because << when you are the target, you can fall into the trap even if you think you are above all this >>.

Source: Les Échos

Hugh Bernard1204 articles Passionate about cryptocurrencies and the principle of decentralization for many years, I wish to share this experience with as many people as possible. I also strive to decipher the issues associated with the evolution of this ecosystem within traditional finance.

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