Scammers steal over €75 million from 1,117 victims since 2020; record losses in 2023 highlight growing threat.
Investment fraud involving cryptocurrencies has become a significant issue in Ireland. From January 2020 to August 2024, nearly 45% of all investment fraud cases in the country involved cryptocurrencies. Scammers have stolen over €75 million from 1,117 victims during this period.
Scammers often pose as fake investment managers or create cloned webpages to trick potential investors. These fraudulent schemes are typically promoted through online and social media advertisements, making them accessible to a wide audience. The scammers exploit the victims' trust and lack of knowledge about cryptocurrency investments.
The year 2023 saw the highest annual losses within the period, with victims losing a total of €28 million. This alarming figure highlights the increasing sophistication and prevalence of these scams.
One common tactic employed by scammers is demanding additional payments, referred to as 'dirty tax', to release non-existent profits. This tactic preys on the victims' hope of recovering their initial investment and potential profits, further entangling them in the scam.
