Man loses nearly $3 million in cryptocurrency fraud in Cyprus

Two individuals in Limassol, south Cyprus have reportedly lost nearly $3 million in cryptocurrency following a fraud incident, Greek Cypriot police said on Tuesday.

They alleged they were targeted by a scam, and a 33-year-old man has been arrested as a suspect in connection with a cryptocurrency theft worth 2.8 million euros, which was stolen in just 18 minutes through unauthorised withdrawals.

The victims, two foreign residents of Cyprus reported that their cryptocurrency cold wallets, maintained for six years, were compromised without their knowledge or consent.

However, they recently discovered that their wallets had been breached, resulting in unauthorised withdrawals totalling 2,891,293 US dollars through 16 separate transactions, with some occurring simultaneously from the same wallet.

Evidence pointed to the 33-year-old, who was arrested and brought before Limassol district court earlier on Tuesday, which remanded him in police custody for seven days.

He faces charges of internet fraud, obtaining money under false pretences, and offences related to money laundering.