1 August 2026
Crypto Investors Of Ireland Have Lost $3.5M To Scammers In 2020
Many Irish crypto investors have lost huge amounts to fraudulent investment platforms, as scammers continue to flaunt a quick-to-profit scheme on digital currencies. As per the reports, Irish crypto investors have lost around $3.5 million in this year's scams. The police of the country doubt that the number of the money and the victims can be increased.
The report states that the cases of investment frauds have risen to 61% in the country. The figures in the report were just 8 months of 2020 that means the scammers might increase their to defraud residents in the country. The police, Gardaí, have reported that $3,500,000 (€3 million) has been lost by Irish cryptocurrency investors.
There has been fear in Gardai, that there could be more cryptocurrency scam reports and that the reported amount might even increase as it might take more time for people to realize a fake investment platform. Some victims don’t want to share their experience of scam in order to avoid embarrassment, Gardaí noted.
Detective Chief Superintendent Pat Lordan of the Garda National Economic Crime Bureau has warned Irish crypto investors and residents to stay away from such scam offers.
He stated, “The victims are normal, ordinary people who can lose from hundreds to hundreds of thousands of euro. The person is deceived into investing in something which is misrepresented. There are general promises of fast enormous returns, it’s a once in a lifetime opportunity, and includes hard aggressive selling that can be endorsed by reputable business people or celebrities, but without their knowledge.”
To recover the invested funds from the scammers is nearly impossible and that's why residents have been advised to conduct thorough research before investing in any platform.
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