Individual experienced crypto theft, resulting in a monetary loss of approximately € 1.2 million

In recent times, a new form of online fraud known as Cybertrading Fraud has been on the rise, according to the police spokeswoman. This insidious scheme has resulted in substantial losses for several residents in Germany, including a 60-year-old man from Friedrichshafen who lost 1.2 million euros.

The modus operandi of Cybertrading Fraud is deceptively simple. Victims are lured in by promises of large profits, particularly in the burgeoning area of cryptocurrencies. These promises are often made on seemingly serious websites on the internet. The scheme typically begins with an initial investment of around 250 euros.

Once the victim agrees to the proposed transactions and transfers their money to various foreign accounts, they may receive small payouts to give them a false sense of success. However, as soon as victims want to withdraw their supposed profits, the website and contact persons may become unreachable.

The fraudsters communicate with the victims via a messenger service, posing as brokers. They exert intense pressure on the victims, promising even higher returns if they invest more money. When the victims attempt to withdraw their funds, they are demanded significant taxes and fees.

A man from Überlingen recently lost 160,000 euros, while a resident from Ravensburg was defrauded of 300,000 euros. The identities of the masterminds behind the cybertrading fraud that deceived the man from Friedrichshafen have not been publicly disclosed.

To avoid falling victim to such schemes, consumers are advised not to disclose confidential data, such as online banking or deposit access details, in such situations. The State Criminal Police Office and the Cybercrime Center advise consumers to thoroughly inform themselves about trading platforms before registering or transferring money. Registration is usually required for Cybertrading Fraud.

The man from Friedrichshafen became suspicious and realised the money was gone when he couldn't withdraw his funds. He then filed a police report. As the number of Cybertrading Fraud cases increases significantly, it is crucial for internet users to remain vigilant and cautious when dealing with online trading platforms.