61-year-old in Paphos loses €77,600 in double cryptocurrency scam
A 61-year-old in Paphos reported a loss of over €77,600 through two consecutive online scams involving cryptocurrency investments. The case is being investigated by the Economic Crime Investigation Unit of the Paphos Police.
Double cryptocurrency trap decimates 61-year-old in Paphos
A 61-year-old man from Paphos reported to Paphos Police today that he lost a total sum exceeding €77,600 after falling victim to two consecutive online scams involving cryptocurrency investments, as reported by Politis.
The case began in mid-February 2026, when the 61-year-old found an advertisement on a social media website for cryptocurrency investments. He communicated via a telephone application with an unknown woman who spoke English, who guided him to convert €6,200 from his bank account into cryptocurrency and transfer it to an unknown electronic wallet.
Via a link that had been sent to him, the man monitored the progress of his alleged investment. When it showed significant apparent gains and he requested the return of his money, the perpetrators demanded an additional €3,222. The 61-year-old then realised he had likely fallen victim to fraud and discontinued all contact with the unknown woman.
The second trap
In March 2026, the 61-year-old received a new communication via a telephone application from two unknown individuals who spoke Greek. The two suspects claimed they could locate money lost in online scams and that they could help him recover his capital, as well as cash out the alleged profits from his previous investments.
The man was convinced. According to the complaint, from 20 March to 27 July 2026 he made a series of bank transfers to foreign accounts that were specified to him. The amounts were requested on various grounds — expenses, fees and tax charges — purportedly to complete the recovery of the money and the cashing out of the profits. The 61-year-old never received any sum.
Realising he had fallen victim to fraud for the second time, he filed a complaint with the Police. The total sum allegedly extracted exceeds €77,600, and the case is now being investigated by the Economic Crime Investigation Unit of the Paphos Police.
New warning from the Police
Following the case, the Police called on the public to exercise particular caution regarding online investment proposals and communications from unknown individuals. It is recommended to avoid providing access to electronic devices and online accounts to third parties, whilst personal details and banking data should not be disclosed. For investments via the internet, the Police recommend working exclusively with recognised companies and approved financial advisers.
Source: Politis