Spain police warn about the crypto scams’ growth

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• The police authority clarifies there are agencies dedicated to scam with cryptocurrencies.
• Spain has announced crypto scams since June 2020, and this year, the reports increased.

The Spanish law enforcement agency recently announced that cryptocurrency thefts had increased significantly. Police officers advise all crypto enthusiasts to transact cautiously to avoid any theft.

In the latest reports, the police agency investigated a robbery in which over $278,385 are related. The complaint comes from the agency in Navarra, one Spanish province most visited by tourists.

Crypto thefts in Spain increase

Spain

According to research, Navarra has become one of the main points for crypto thefts in Spain. This occurs because the province is full of agencies and companies that offer investments in virtual currency, many of which are scams. These agencies that offer a safe crypto investment usually ask for massive euros to complete the transactions, but they only sneak away with the victims’ money.

The modus operandi is a fraudulent investment company offering trading services to clients. The crypto business looks lucrative, but when the client tries to obtain profits, he has problems that the investment agency cannot solve. However, the scammers don’t stop there because they ask victims for money to withdraw the blocked money and then disappear supposedly.

According to researchers in Spain, these fraudulent agencies have accounts on Facebook or other interaction networks where they offer their services. The profiles show that the investment agencies are real, they even have a good reputation, but this is all a setup to catch people.

Spanish police explain how crypto scams can be avoided

Due to this boom in crypto scams, the Spanish police authority clarifies how to avoid these problems. The client must first locate a legitimate agency backed by several people and partner with a firm or bank in the country. Cryptocurrency lovers should not give their money to an agency they did not investigate because it is a serious mistake.

Clients should also invest in quality cryptocurrencies and not in the new tokens that promise high returns. Some of these new tokens could lend themselves to the virtual scam, so they should be avoided.

Spain had suffered from crypto scams since June last year, when the first public report was made. However, in 2021, crypto thefts were increasing as tokens like Bitcoin gained value. But the country in Europe is not the only one open to these fraudulent operations because they have also been reported in various countries around the world.

Cryptocurrencies are losing fame with these illegal operations, causing their worldwide adoptions to decline. However, enthusiasts also must avoid and report this fraudulent operation to not reduce the virtual market.

Source: cryptopolitan.com

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