Even with the recent crypto market downturn, bad actors in the crypto verse are working round the clock, formulating new ideas for carrying out their illicit acts.
As reported by the Sundaily on August 21, 2018, a South Korean bitcoin trader has sold 2 million Euros worth of the pioneer cryptocurrency to a Serbian fraudster in exchange for fake euro bills.
Korean Trader Duped
According to sources close to the incident, back in July, a South Korean businessman who owns a cryptocurrency exchange in Singapore agreed to travel to France to sell bitcoins worth 2 million euros to a Serbian man in a luxury hotel in the French Riviera, not knowing that the Serb was a criminal.
Interestingly, shortly after the bitcoin trader transferred the crypto asset to the bandit and received his cash for the deal which was done in a hotel in Nice, he realized he had been handed fake and photocopied 500 euro notes amounting to 2 million euros, police sources told AFP.
Arrested and Charged with Fraud
By the end of July, the victim filed a criminal complaint, and the fraudster was nabbed by the French police at a high-class hotel in the flamboyant town of Cannes, south of France, sporting a 100K euro wristwatch, apparently living the life of a successful fraudster.
The thief has now been remanded in custody, charged with fraud and playing an active role as a member of an organized crime network.
While the police have triumphed over the Serb, his accomplice is still at large, and it remains to be seen whether they’ll succeed in clamping him down anytime soon.
Police Winning the Battle against Crypto Fraudsters
Just like in the traditional finance industry, the crypto verse has had its fair share of bad actors. However, most of these delinquents have ended up being busted by the police.
In April 2018, reports emerged that Japanese police had arrested 12 people in connection with bitcoin fraud worth $1.86 million.
According to a local news source, the Tokyo Reporter the crypto thieves allegedly offered to purchase bitcoin worth $1.76 million for $1.86 million in cash. The bitcoin trader quickly agreed to the juicy offer, only to be paid with fake dollar bills.