Russian Man Loses Life Savings in Brutal Crypto Scam After Fake Ad Lure
A 46-year-old man from Yeysk District has lost his life savings in a cryptocurrency scam. After seeing an online ad promising high investment returns, he transferred over 2.2 million rubles—only to be left with nothing when the fraudsters disappeared.
The victim first encountered an advertisement offering quick and substantial profits from cryptocurrency investments. Convinced by the promises, he took out two loans totalling more than 1.7 million rubles. He also withdrew over 500,000 rubles from his personal savings.
Following instructions from a supposed company manager, he transferred the entire amount to a cryptocurrency wallet. Once the money was sent, the manager cut off all contact. The man soon realised he could not withdraw any funds and had been scammed.
This case adds to a growing trend in Russia. In 2023 alone, local police recorded around 12,000 cryptocurrency fraud cases. Most involved online scams and phishing attacks, according to the Russian Interior Ministry.
The victim now faces significant financial losses, including his life savings and borrowed money. Authorities continue to warn the public about the risks of unregulated investment schemes. Reports of similar frauds remain high across the country.
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