Paphos, Cyprus. A 66-year-old man reported that unknown individuals contacted him via online platforms between May and November 2025 and convinced him to invest in cryptocurrencies, police said on Wednesday. He transferred a total of €89,816 before losing contact and access to the accounts, prompting suspicion of a scam.
Report and transfers
Police said the man followed the suspects’ instructions and transferred €89,816 to a cryptocurrency platform, where the suspects had created an account for him.
Loss of access and investigation
After losing all communication with the suspects in November and access to the accounts they had created for him, the man suspected he had been scammed. The case is being investigated by the economic crime unit of Paphos police.
Police advice
Police advised the public to be careful when making transactions and investments online and to cooperate only with recognised companies and approved advisors for financial investments. They also said bank account and bank card details, passwords to online and email accounts, and other personal data must be protected and never disclosed to any persons.
Have you verified that the company and advisor you are dealing with are recognised and approved before investing online?