Bulgarian Investor Losses $550,000 in Crypto Fraud
A Bulgarian crypto enthusiast has lost a substantial amount in fraudulent activity. The investors reported on February 6 that fraudsters purporting to work at a call center lured him to convert all his cash to crypto assets. In return, the investor was promised unrealistic profits from his investment. The victim revealed that he invested more than $550000 into the scheme.
Crypto Fraud Increases
The Bulgarian National Broadcaster (BNT) proclaimed on February 6 the rise of crypto-related crimes. According to the report, a Bulgarian investor whose name has been withheld was convinced by “bad actors” to make transfers to different bank accounts, some in Europe while others in Hong Kong.
The scammers had convinced the investors to invest in a crypto activity that would generate a high yield within a short period. The investor was assured that his investment would triple in a few months.
He also lamented that once he fell into the scammers’ trap, he was directed to open an online account. At the account opening stage, the victim unveiled his details, including his name, telephone number, and occupation data.
Ponzi Like Scheme
The investor was then requested to make a deposit that translated to €250 for the account to be active. The amount transferred to the victim’s account increased within a week.
The early signs of the fruition of the investment inspired the investor to transact measurable amounts to different banks aiming at generating more profits.
The officer dealing with the case, Vladimir Dimitrov, the acting director of cybercrime in Bulgaria, revealed that the investor transacted the amount to Polish, British, and Chinese banks. Dimitrov revealed that after probing the matter, the scammers are suspected to be operating in the Middle East. He restated that his team was digging deeper into the case and would soon reveal the country where the fraudsters operated.
Investors Losing Huge Amounts to Scammers
The Bulgarian scam resembles a recent fraudulent case involving a European call center. The scammers convinced the investors to invest in shares of leading crypto companies.
At the beginning of this year, the Bulgarian regulators collaborated with other countries battling crypto fraud. Such countries comprised Serbia, Germany, and Cyprus, which have been troubled by the rise of scammers in the digital space.
In September 2022, the Ukrainian authority arrested fraudsters using the call center to exploit investors within the European bloc.
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