Korean crypto businessman conned into paying $2.3M BTC for fake Euro notes

25 Aug, 2018
by Paula D. Baciu
Korean crypto businessman conned into paying $2.3M BTC for fake Euro notes

You would think that a millionaire must know everything about money. A cryptocurrency business CEO - even the more. But it seems that fraudsters can still find gullible victims among their ranks. A South Korean businessman has changed $2.3 million worth of Bitcoin for counterfeit Euro banknotes.

After convincing the victim that they will invest in his company, the authors of the crime “agreed” to exchange his Bitcoin for €2 million, according to France 24. They invited the businessman to a luxury hotel in Nice, France, and handed over the sum that actually consisted entirely of photo edited banknotes of €500.

As soon as he realized, the victim had no choice but to announce the local authorities, who tracked down one of the victims in Cannes, driving his life in a luxury car. Following the culprit’s first court hearing, it came out that he operated within an organized crime network.

However, other than a sports car and a $110,000 worth watch, the destiny of the respective amount of Bitcoin is yet unknown. It makes you wonder, though, just how much of Bitcoin's volume is actually in the hands of criminals because of entirely avoidable mistakes like this?

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Read more about: Bitcoin (BTC)


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