A Man Is Under Police Custody Over Alleged Cryptocurrency Fraud In Russian Province

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • A 28-year-old man has been suspected over cryptocurrency fraud in the Kaliningrad province of Russia and is in the custody of Interior Ministry Officers.
  • The scammer promised the man to an exchange of cryptocurrency for the money and later did not get in touch with him.

It has now become a regular habit surrounding the cryptocurrencies where scams and frauds are occurring. A 28-year-old man has been suspected over cryptocurrency fraud in the Kaliningrad province of Russia and is in the custody of Interior Ministry Officers.

As per a media report recently, the ministry of external affairs said that the detained man was involved in misconception and engaged in sales of products which he didn’t previously own and also took payments from his customers and later stopped contacting them.

He also took it to the digital level, where he placed advertisements on cryptocurrency and token purchases on individual websites to lure customers towards making a purchase.

In the same province last year, a 26-year-old man had allegedly fallen trap cryptocurrency scam, he wanted to make a purchase of tokens for which he contacted the seller who was an alleged scammer to whom he paid 100,000 Rubles in cash falling trap to the scam.

The scammer promised the man to an exchange of cryptocurrency for the money and later did not get in touch with him, and due to which, the 26-year-old man having no other option had to contact the police and lodge a complaint.

It is a hotspot for scamming activities in Russia as the people in Russia have little to no knowledge of cryptocurrencies but are eager to invest in high yielding assets.

They always fall trap to scammers posing as investing guides who will help in making them rich by investing in cryptocurrency within a short time, and this luring will place them in losing their money by this get rich quick scams. This is not just concentrated in Russia and is spread all over the world but is happening at a higher rate in this region.

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