Crypto scam: CEO loses €600,000 on a fake platform

A trap orchestrated by fake crypto platform managers

Despite constant vigilance, it remains difficult to avoid the many traps set for investors in the cryptocurrency sector—especially when malicious actors use the facade of an official crypto platform holding the necessary MiCA license within the European Union.

This was the grim experience of a French business owner, who claims to have "chosen a well-known platform" for added security, as detailed in his full testimony recently published by Les Échos. However, this sound initial decision was clearly not enough to protect the more than €600,000 he ultimately lost in this scheme.

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Shortly after signing up, the man explains he was "contacted by an individual who seemed to know [him] very well," posing as a platform manager. They possessed confidential information, such as his status as a business owner and the fact that he was a new client of the platform.

Naturally cautious, the man initially listened with skepticism while ignoring emails he received in parallel. However, more calls followed, involving other contacts with whom he eventually built a rapport.

These people talked to me about all sorts of things, asked about my expectations, and showed me how the real platform site worked to gain my trust. During yet another call, the 'manager' spoke to me about an investment in a bot generating a 1.3% weekly interest rate, which was supposedly only offered to business executives. Knowing that I am a business owner, he had touched a sensitive nerve.

When he tries to withdraw his money, he discovers it was all a lie

Highly interested in this tailor-made investment, the business owner started by investing small amounts that he had to wire to his crypto account and then transfer "to the medium indicated by the managers." This procedure, though appearing dubious, faced less scrutiny as he watched his money "grow before [his] eyes," while successfully making small, regular withdrawals.

He then began wiring larger amounts. Six months later, his contacts—visibly very patient—offered him a new investment in a Deutsche Bank token via an "interface that was actually an exact replica of my crypto intermediary's site," without the victim ever noticing. The trap had firmly shut.

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I did the math. Over a year, my family and I deposited a total of more than €600,000. I finally discovered the truth when I asked to withdraw a significant sum of money. At that point, communication became less fluid. I was told that the finance department's approval was required.

The man then contacted the customer service of the actual platform where he was registered, only to learn that "the emails received did not come from them, the so-called managers were not employees of the platform, and the site to which the scammers had directed him did not belong to them."

He pursues legal action against the platform and his banks

For the business owner, there is no doubt: "the people behind the scam gained access to [his] crypto wallet." He has decided to hire a lawyer to pursue compensation from the platform, as well as an amicable procedure with his banks, BRED and Revolut, for "failure to meet their duty of vigilance."

These institutions never raised any concerns about the increasingly large flows of money leaving my current account. It is all the more surprising given that, in the course of my professional business, the bank has blocked small transfers several times because they seemed suspicious, right until I provided the necessary proof for them to perform the required checks.

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Following this misadventure, the business owner asserts that victims of such scams must break their silence and not feel guilty, but also reach out to lawyers and associations to support them in this battle. Because "when you are a target, you can fall into the trap even if you think you are above all that."

Source: Les Échos