Two individuals in Limassol have reported losing nearly $3 million in cryptocurrency following a fraud incident, police said on Tuesday.
They alleged they were targeted by a scam, and a 32-year-old man has been arrested as a suspect.
The victims, who had been using ‘cold’ electronic wallets (offline wallets designed to keep funds secure) for the past six years, were storing investments in various cryptocurrencies. However, they recently discovered that their wallets had been breached, resulting in unauthorised withdrawals totalling $2.89 million.
Evidence pointed to the 32-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.
