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23h ago

Germany Investigates Crypto Investment Scams After €300,000 Loss, 19-Year-Old Held

Authorities warn of social media schemes that simulate returns then demand escalating fees.

Cyber-Betrug in Lichtenfels: 65-Jähriger verliert Ersparnisse
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Ein Mann aus Wangen in Baden-Württemberg hat durch Anlagebetrug fast 300.000 Euro verloren. Die Betrüger lockten den Mann im Internet mit hohen Gewinnversprechen, wie die Polizei in Ravensburg mitteilte.
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Overview

  • A man from Wangen im Allgäu lost nearly €300,000 after repeated investments on an alleged cryptocurrency trading platform, with a small interim payout before new charges were demanded.
  • Police say the Wangen case remains under investigation, with suspects unknown and inquiries focused on how the platform extracted escalating “fees” and purported taxes.
  • In a separate Oberfranken case, a 65-year-old was drawn in via an online ad, saw fake gains on a counterfeit platform, and reported the fraud before an additional €22,000 could be handed over.
  • Officers arrested a 19-year-old on August 8 while he allegedly tried to collect the €22,000; he is in custody on suspicion of attempted commercial and gang fraud, and is being linked to similar suspected offenses.
  • Investigators describe a common pattern involving online ads, outreach via messaging or calls, AI-aided celebrity pitches, and pressure to transfer funds or hand over cash, prompting renewed public safety advice.