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Cryptocurrency Investment Scam in Kaufbeuren Claims Six-Figure loss
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A 45-year-old victim was promised fast returns on cryptocurrency investments, leading to a significant financial loss. police warn of similar online scams.
KAUFBEUREN – A fraudster enticed a 45-year-old into investing in cryptocurrencies with promises of quick and substantial returns, resulting in a loss in the mid-six-figure range over several months.
At the start of 2025, the victim connected with a woman on social media who openly discussed her profitable cryptocurrency trading, recommending a specific website. The victim, already familiar with cryptocurrency wallets, mentioned his current losses.
The woman introduced her “aunt,” who claimed to manage analysts and specialists, to handle the investments.All communication with the woman and her supposed aunt occurred online, with no in-person meetings.
The victim was persuaded to invest through the platform, creating an account on the recommended website. He observed daily increases of 100 to 200 euros, encouraging further investments.When he requested a payout, he was asked to make an additional deposit for a purported tax payment. Though, no payment was ever received, leading to a notable financial loss. The website is now inaccessible.
Police Issue Warning About Cryptocurrency Investment Scams
“The criminal police urgently warns of such advertised websites that promise quick and high profits.”
The criminal police are warning the public about websites promising rapid and high profits, noting that these sites often appear appealing and informative but lack essential information such as a proper imprint.
“It is also advisable to check the website for its license from the Federal Financial Supervisory Authority (BaFin) or another EU country. Therefore, check the company database at www.bafin.de or the URL of the website at the consumer center.”
The Kaufbeuren criminal police have launched an investigation into this case of systemic fraud. (KPS Kaufbeuren)
frequently Asked Questions
- What are the red flags of a cryptocurrency investment scam?
- Promises of guaranteed high returns, unregistered sellers, pressure to invest quickly, and complex or unclear investment strategies are all red flags.
- How can I verify the legitimacy of a cryptocurrency investment platform?
- Check for registration with regulatory bodies like the SEC in the U.S. or BaFin in Germany, look for autonomous reviews, and verify the company’s physical address and contact information.
- What should I do if I suspect I’ve been targeted by a cryptocurrency scam?
- Stop all communication with the scammer, report the scam to the FTC or your local law enforcement, and contact your bank or financial institution to alert them to the potential fraud.
