Limassol: Fraud victims lose almost 3 million dollars. Consumer tip from T.Weyermann Member of the MF editorial team
Limassol: Fraud victims lose almost 3 million dollars. Consumer tip from T.Weyermann Member of the MF editorial team
Two people in Limassol reported to police on Tuesday a loss of nearly $3 million in cryptocurrency , which they said was due to a fraud case .
The victims stated that they had fallen victim to a crypto scam . During the investigation, a 32-year-old man was identified as a suspect and arrested .
The victims had stored their investments in various cryptocurrencies in offline wallets (“cold wallets”) for safekeeping over a period of six years. However, they recently discovered that their digital wallets had been hacked , resulting in unauthorized transactions totaling $2.89 million .
Police investigations led to the 32-year-old being arrested on Tuesday and brought before the Limassol District Court . The court ordered him to be remanded in custody for seven days .
He is accused of having unlawfully enriched himself through internet fraud, deception and money laundering .
Consumer tip from Tom Weyermann
Tom Weyermann (member of the MFRadio editorial team) has been investing in crypto currencies for 7 years and knows only too well how many black sheep there are in this business. He is pleased that the EU states and the ECB are dealing with consumer regulation and hopes for further acceptance in the banking sector in this investment market, which is actually indispensable.
Safe storage of crypto assets – important tips for consumers
Safe storage of crypto assets – important tips for consumers
Cryptocurrencies offer many benefits, but they also require the highest security measures to avoid losses due to fraud or hacker attacks. Anyone who owns digital assets should definitely follow these best practices :
1. NEVER share private keys & seed phrases
- Every crypto wallet has a private key phrase (seed phrase, usually 12–24 words) that is required to restore the wallet.
- Never share these words with third parties, not even with supposed support teams or friends!
- Reputable companies and wallet providers will never ask you for your private key or seed phrase .
2. Use cold wallets for long-term storage
There are two main types of crypto wallets:
✅ Hot Wallets (online wallets) → Quickly accessible but vulnerable to hackers.
✅ Cold Wallets (Offline Wallets) → Safer because they are not connected to the Internet.
✅ Hot Wallets (online wallets) → Quickly accessible but vulnerable to hackers.
✅ Cold Wallets (Offline Wallets) → Safer because they are not connected to the Internet.
Recommendation:
- Use hardware wallets like Ledger or Trezor for larger amounts.
- Alternatively, you can use a paper wallet (write down your keys on paper and keep them safe).
- Store your seed phrase offline , ideally on paper or in a special metal backup to avoid water and fire damage.
3. Security measures for hot wallets
If you need online wallets for daily use, consider the following security measures:
🔒 Enable two-factor authentication (2FA) – Use an authenticator app (not SMS, as SIM swaps are possible).
🔒 Use strong, unique passwords for wallets and crypto exchanges.
🔒 Be careful of phishing websites – always check the URL before entering your login details.
🔒 Always keep your operating system and software up to date to avoid security gaps.
🔒 Enable two-factor authentication (2FA) – Use an authenticator app (not SMS, as SIM swaps are possible).
🔒 Use strong, unique passwords for wallets and crypto exchanges.
🔒 Be careful of phishing websites – always check the URL before entering your login details.
🔒 Always keep your operating system and software up to date to avoid security gaps.
4. Distribute crypto across multiple wallets
Never store all your crypto assets in one place!
- Use multiple wallets for different purposes (e.g. a cold wallet for long-term storage, a hot wallet for daily trading).
- Avoid holding cryptocurrencies on exchanges for the long term as they can get hacked or go bankrupt (e.g. FTX bankruptcy 2022).
5. Beware of fraud and hacks
🚨 Be suspicious of:
- Unsolicited messages or calls asking for your wallet information.
- "Investment opportunities" with extremely high returns – often fraud!
- Fake wallet apps and fake exchange websites – always use official sites.
- Airdrops or giveaway scams that ask you to enter private information.
6. Emergency plan – What to do if you lose your crypto?
If you lose access to your wallet:
- Use your seed phrase to restore the wallet.
- If your wallet has been hacked, transfer any remaining coins to a new wallet immediately .
- Report hacks or fraud cases to the authorities , especially if larger amounts are involved.
Conclusion: Safety comes first!
Cryptocurrencies are like digital cash - if you lose control of your keys, you lose your money. Protect your assets by backing up your seed phrase offline, using cold wallets and never granting third parties access . With these measures, you can safely invest in the world of cryptocurrencies.
