Fake Money Trade Leads Millionaire to Lose $2M in Bitcoins
A crypto-businessman based in South Korea gets tricked into swapping $2M worth of Bitcoin for counterfeit money. The man was led to believe in the legitimacy of the trade and the buyers as they invited him to a luxury hotel- the French Riviera in Nice.
What Really Happened
The con photoshop-artist is a Serbian man who, with the help of his accomplice, managed to fake their interest in buying cryptocurrency. Then, they invited the Korean businessman into a hotel room in France promising that this is a start of a good business relationship in which they would start investing in his business.
The man was happy to trade his Bitcoin for €2M, but soon after the transfer was successful, he realized that they left him with a bag full of paper photoshopped into looking like €500 banknotes.
The man was desperate and had no option but to report it to the local police, even though it is known that cryptocurrency trade is still in a legal gray area where the authorities mostly avoid dealing with cases involving crypto.
Safety and Security
The incident can be seen as a lesson to people dealing with cryptocurrency, as it only teaches investors to be careful when trading cryptocurrency, especially if it is to be done in person. The Korean man was left physically unharmed, but another scenario could involve fake buyers isolating a target and using force to make them transfer their crypto over to a bank account.
One can never be too careful when dealing with crypto, and it is crucial to make sure you double-check any money you receive from someone in person.