Cryptocurrency Scam Costs Man 20,000 Euros

A man in Zwickau has fallen victim to a cryptocurrency investment scam, losing approximately 20,000 euros. The 60-year-old invested money in what he believed were legitimate crypto assets between February 2023 and June 2026. The perpetrators of the scam contacted him by phone, falsely claiming his investment had ballooned to 300,000 euros.

To access this supposed fortune, the scammers demanded an upfront fee of 799 euros for the withdrawal process. However, the victim grew suspicious and did not transfer the additional funds. Despite this, he had already lost 20,000 euros through his earlier investments, according to police reports.

Authorities are issuing a strong warning to the public about potentially lucrative investment schemes advertised online or via telephone. They emphasize that promises of exceptionally high returns are a common red flag. The police advise extreme caution and critical evaluation of any offers that require advance payment of fees or taxes before alleged profits can be accessed.