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Cryptocurrency Millionaire Loses $2.3 Million Worth of Bitcoin for Counterfeit Euros

Millionaire Loses $2.3 Million Worth of Bitcoin for Counterfeit Euros

Reading Time: 2 minutes by on August 23, 2018 Bitcoin, Crime, Finance, News, Regulation

A South Korean businessman has unfortunately lost $2.3 million worth of bitcoin after he exchanged the cryptocurrency for crude, photocopied fake Euros. The Hard Fork reported on August 20, 2018, that a Serbian man and his accomplice managed to lure the South Korean businessman with the false intention of investing in his business. After the South Korean reported the situation to the police, the Serbian man was later found and arrested in Cannes at a five-star resort.

South Korean Businessman Loses big in Fiat Scam

France 24 reported that the victim intended to exchange his bitcoins worth $2.3 million for €2 million. The South Korean businessman was initially approached by the culprit and his accomplice over the potential investment in his company. The negotiations and discussion led to an exchange which took place in a luxury hotel in the city of Nice, France and occurred in July 2018.

It was only after the transaction had taken place that the South Korean businessman noticed that his Euros were counterfeited.

After the businessman filed a criminal complaint during the end of July, the Serbian man was quickly found and The New Straits Times noted that the criminal was “living the high life” with his newly found riches.

The Serbian man owned a luxury car and a €100,000 watch. After his court appearance, he is in custody and has been charged with fraud. The police have, however, not found his accomplice.

Finnish Cryptocurrency Millionaire Swindled by International Criminals

This, however, is not the first instance in which a cryptocurrency millionaire has lost a significant fortune in a scam. BTCManager reported that on August 13, 2018, a Finnish cryptocurrency millionaire was tricked into investing in a cryptocurrency token known as Dragon Coin.

The investor believed that the cryptocurrency token would be used by a Casino in Macao and was ultimately parted with over 5,500 Bitcoins ($35 million) in the scam. While the police have captured some of the criminals responsible, one being Thai movie star Jiratpisit “Boom” Jaravijit, one of the other criminals, who happens to be Boom’s sibling, has fled the country.

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