Home / Today Tech / Bitcoin Scam Artist Who Conned $545K Arrested in UAE

Bitcoin Scam Artist Who Conned $545K Arrested in UAE

Jeff Francis · February 14, 2018 · 12:00 pm

A Bitcoin rip-off artist in the United Arab Emirates who fleeced a sufferer of $545,000 was once arrested, and the stolen money was once in actuality recovered. It seems that some new Bitcoin rip-off comes alongside every week. One recent occasion is of a person claiming to be a crypto celebrity who will ship you double the cryptocurrency you’ll ship to their pockets. Another is a instantly theft of fiat that’s to be used to purchase cryptocurrency. It’s

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A Bitcoin rip-off artist in the United Arab Emirates who fleeced a sufferer of $545,000 was once arrested, and the stolen money was once in actuality recovered.


It seems that some new Bitcoin rip-off comes alongside every week. One recent occasion is of a person claiming to be a crypto celebrity who will ship you double the cryptocurrency you’ll ship to their pockets. Another is a instantly theft of fiat that’s to be used to purchase cryptocurrency. It’s this latter case that we observed happen as quickly as as soon as extra, this time in the United Arab Emirates as an individual stole $545,000 supposed to be used to buy bitcoins.

money

A $545Okay Meeting in a Mall? Sounds Legit!

The Bitcoin rip-off occurred in a mall in Sharjah, UAE. An Indian nationwide agreed to fulfill with an individual, often called a Pakistani nationwide, in order to buy $545,000 worth of bitcoins.

The sufferer had revel in in buying cryptocurrency on on-line shopping for and promoting platforms. While looking on-line for funding options, he received right here across the profile of an individual who was once offering quite a few bitcoins available on the market. A gathering was once organized with the scammer posing as a result of the go-between for the online vendor and purchaser, and the sufferer launched cash to pay for the money.

Once on the mall, the sufferer handed over the cash, and the Bitcoin rip-off artist supposedly transferred over the agreed-upon amount of bitcoins. Then the fraudster gained a phone title, supposedly from his partner, and he suggested the sufferer that he needed to help her out in the parking house. Needless to say, the rip-off artist didn’t return, and the bitcoins not at all reached the sufferer’s pockets.

A Happy Ending

Unlike another circumstances of Bitcoin crime, such as a result of the Hong Kong seller robbed of $180,000, this story has a contented ending. The police managed to identify the suspect and arrested him at his home. Even larger was once that plenty of the money was once with him.

Bitcoin

The suspect made a whole confession to the police. Of course, it didn’t help his goal to be found with so much money, to not level out receipts for transactions to the online vendor the sufferer had contacted. The police have referred the confessed jail over for public prosecution.

Luckily, no violence was once involved in this instance. It bears repeating that it’s no longer a very good suggestion to carry huge sums of cash to fulfill with any particular person you truly don’t know. Criminals are making the most of individuals who discover themselves decided to invest in cryptocurrency.

Criminals will transfer to violent lengths in order to get their palms on huge portions of cryptocurrency or the chilly, arduous cash used to buy it. An change in Ottawa, Canada, was once simply currently attacked by way of three armed males, who tied up the employees previous to finally fleeing. Another violent theft occurred in England the place four armed males broke proper right into a crypto seller’s home all through the day. The criminals tied up the seller’s partner and put the couple’s baby out of doors in a pram while they compelled him to change a “fortune” in bitcoins over to them.

It on a regular basis will pay to be cautious. The crazy sum of cash associated to cryptocurrency is a feeding flooring for predators, so play it wise.

Would you convey $545,000 in cash to a gathering with any particular person you don’t know? Let us know in the suggestions underneath.


Images courtesy of Pixabay and Bitcoinist archives.

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