Crypto Scammer Detained in Sydney; Cars Worth Millions Seized

Cryptocurrency scams are on the rise as the technology gains traction globally. New South Wales (NSW) Police officials seized two supercars worth millions and detained two men. According to the police officials, Fabio Sa Alves, a 39-year-old man was arrested from the northern beach in Sydney while drying his car.

Later, the officials raided the house and warehouse of these two men, where they found six luxury cars and classic cars, including 11 sports motorbikes, seven expensive watches, nunchakus, and cryptocurrency wallets.

During the investigation, officials identified a red Ferrari valued at $600K at a car dealership in Marrickville. The cars seized in the investigation were worth around $2.7 Million. On June 21, a 67 year old man was detained in Manly and charged with dealing with property proceeds of crime worth more than $100K.

As per officials, Sa Alves used cryptocurrency to defraud national and multinational companies. Authorities warned that using crypto is not illegal, but one should be careful.

The older man was granted bail and was ordered to appear in Manly regional court on September 6. Still, Fabio Sa Alves’s bail was refused, and he was ordered to present himself in Downing Centre Local Court on August 24.

Scams are Hurting Investor Confidence in Sector

Certik’s report states Crypto scams accounted for the loss of $60 Million in May 2023. Earlier in April, the loss was an estimated $103 Million. Crypto scams are hurting investor confidence. By May this year, Crypto scams totaled $500 Million year-to-date.

When projects or platforms defraud investors, the involved funds vanish, leaving sufferers with heavy losses, and now it has become prevalent. Such issues continue to shatter users’ faith in the cryptocurrency industry. They are ultimately resulting in the slow-down of development and progress.

Dozens of leading cryptocurrency wallets, tokens, and coins have been exploited by scammers to defraud people. The most recent scam that stirred the industry was the Atomic Wallet hacks.

According to computer security provider Kaspersky, crypto scams have become the most common way for scammers to become rich. As per the available data regarding crypto scams and frauds, North Korea tops the list, followed by Hong Kong and others.

Cryptocurrency Scams include various categories; some popular ones are romance scams, imposter and giveaway scams, blackmail and extortion, and investment and business opportunity scams. New crypto-based opportunities, rug pulls, and crypto mining scams are also on the hike.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing