Finnish Victims Lose Millions in Cryptocurrency Scam: Police Launch Major Fraud Investigation
Background
- Finnish police announce results of major cryptocurrency scam investigation
- Victims collectively lost approximately 4.6 million euros/250 bitcoins
- Scam involved investments in fraudulent online cryptocurrency platforms
Preliminary Findings
- Victims scammed into making cryptocurrency investments on supposed investment sites
- Funds diverted to money laundering networks
- At least two Finnish victims identified
Victim Experiences
- One victim could have potentially earned tens of millions of euros in profits
- After making initial investments, victims received communications their investments were ‘stuck’
- Required transfer of additional bitcoins for ‘released’ funds
Origin of Scams
- Preliminary evidence: scams originated from abroad
- International collaboration allowed tracing of stolen funds
- Funds discovered funding extravagant lifestyle of one suspect
Legal Action
- Prosecution District of Western Finland briefed on case
- One individual remanded on suspicion of aggravated fraud
Protection against Cryptocurrency Scams
- Thorough research before making any investment
- Check reviews and information about the investment platform
- Look for any warnings on the Financial Supervisory Authority’s website
- Avoid downloading remote control software on your device
- Never share your crypto wallet password with others
Reporting a Scam
- Contact your bank immediately
- Report the incident to the police via police e-services or at your local police department.