Spanish Police Warns Public against Insurgence of Crypto Related Frauds

Spanish Police for quite some time was probing the local crypto market to look for malicious actor. It has now warned the general public that there is a huge insurgence of crypto related frauds as there are several active crypto fraud schemes accessible to Spanish people.

The police also apprised that the two recent complaints of crypto fraud involved losing of more than 240,000 Euros by the investors. But against the growing popularity of digital assets, the police is helpless in stopping the people from falling prey to crypto fraudsters.

Spanish Police is of the view that in contrast with last year, the incidents of crypto frauds are enormous this year. There has been a huge insurgence of crypto related fraud and scamming activities, said the Spanish Police. However, such frauds and fraudulent schemes are currently more active than ever before. Obviously, the reason being that Bitcoin is gaining values in great numbers, claimed police.

Police said that the last two complaints received by police show that the investors lost more than 240,000 Euros. Both of these complaints were lodged from one of the historic cities of Spain i.e. Navarra. According to police sources the digital industry is flooded with malicious actors who have established companies to deceive people. In these fake companies, the fraudsters launch unavoidably profitable crypto schemes, which also provide for high yields.

However for availing such high yields, investors are asked to create trading accounts with the fraudster firms. Against these accounts, hefty amounts are asked to be deposited into the company’s account from the investors. Once the payment is made then that is the end of the matter. An investor cannot pull out his money nor can he go to anyone for obtaining the refund of his money. It is simply lost to unidentified scammers and fraudsters.

Police also noticed that some of these crypto fraud companies are also very active on social media websites. On these social media websites they claim that they have been catering to thousands of satisfied customers across the world. However, in reality, these firms have no business at all and instead they are looking for an opportunity to loot investors’ funds.

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