Published On: Wed, Feb 14th, 2018

Bitcoin Scam Artist Who Conned $545K Arrested in UAE

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A Bitcoin scam artist in the United Arab Emirates who fleeced a victim of $545,000 was arrested, and the stolen money was actually recovered.
It seems that some new Bitcoin scam comes along every week. One recent example is of a person claiming to be a crypto celebrity who will send you double the cryptocurrency you’ll send to their wallet. Another is a straight theft of fiat that’s to be used to purchase cryptocurrency. It’s this latter case that we saw happen once again, this time in the United Arab Emirates as a man stole $545,000 meant to be used to buy bitcoins.

A $545K Meeting in a Mall? Sounds Legit!
The Bitcoin scam took place in a mall in Sharjah, UAE. An Indian national agreed to meet with a man, identified as a Pakistani national, in order to buy $545,000 worth of bitcoins.
The victim had experience in buying cryptocurrency on online trading platforms. While searching online for investment opportunities, he came across the profile of a man who was offering a lot of bitcoins for sale. A meeting was arranged with the scammer posing as the go-between for the online seller and buyer, and the …

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