https://ift.tt/Qn2mohb Authorities Arrest Woman In Her 60s for $1M Crypto Scam

Irish law enforcement agents have arrested a woman in her 60s for her involvement in a cryptocurrency scam that resulted in the loss of €1 million ($1.1 million). Local news outlet Dublin Live reports that the woman was arrested on Thursday at her residence and is being held at Irishtown Garda Station. 

Spokesperson for the Garda National Economic Bureau noted that the woman is alleged to have acted as an investment intermediary between the scammers and the victim. However, she does not have the necessary approval from the country’s apex bank to perform such a role. 

Following her role in the unfortunate incident, the victim invested a whopping over $1 million into the hoax scheme and the scammers made away with the funds. 

Investigations suggest that some of the money was used to purchase digital currencies via an unnamed cryptocurrency exchange, while the remaining funds were transferred to an offshore bank, the report added. 

Fortunately, with cooperation from other government agencies, the Garda Economic Bureau was able to trace the funds in the bank account, and nearly 50% of the €1 million ($1.1 million) was frozen and returned to the victim. 

The fate of the woman is yet to be determined, as the agency is still conducting an investigation, the report added.  

Rise in Crypto Scams

The rate of crypto-related scams has surged tremendously in recent times, as digital currencies become more valuable. 

Malefactors are looking for every means to accumulate their crypto holdings and in order to achieve this goal, they sometimes trick their victims into investing in different schemes. 

Per a CNBC report last year, a total of $7.7 billion was stolen in different types of cryptocurrency scams in 2021, and these bad actors are not prepared to stop this illicit practice. Some criminals have even taken extreme measures like kidnapping people and demanding cryptocurrencies to be paid as ransom. 

Yesterday, Indian police officers arrested eight people for allegedly kidnapping a man in a bid to extort bitcoin worth $40 million from the victim.