Oberwarter man loses hundreds of thousands of euros in a crypto fraud!

Oberwarter man loses hundreds of thousands of euros in a crypto fraud!

Oberwart, Österreich - A 64-year-old man from Oberwart has been the victim of an online fraud that cost him several hundred thousand euros. The fraud occurred between December 2024 and March 2025 when the man was contacted by an alleged investment employee by phone. This convinced him to invest in a supposed trading platform for cryptocurrencies. The man saw this platform a way to make profits and transfer money over a longer period of time, while his trading account allegedly released positive results. This reports 5min .

The situation escalated when the man at his bank was pointed out to possible irregularities and demanded a payment. Then communication with the so-called investment employee broke off. The entire loss that the man has suffered amounts to an average six -digit euro amount. The police have already started investigations to obtain further information and to clarify the fraud.

growing problem of cryptocurrency fraud

The numbers for cryptocurrency fraud increase dramatically. In 2023, Americans lost a total of $ 5.6 billion through similar fraudulent activities, which corresponds to an increase of 45 percent compared to the previous year. Older people over the age of 60 are affected and lost almost $ 1.6 billion solely by investment frauds, such as finanzen.net reported.

One of the main factors for this increase is the decentralized nature of cryptocurrencies that make it easier for fraudsters to make direct transfers without intermediate dealers. Especially since most of the crypto transactions are final and can be reversed, the traceability for the victims is also hardly possible. Fraudsters often use manipulated websites and fake platforms to gain the trust of the victims and move them to invest.

tips for protection against fraud

When avoiding online fraud, especially in the crypto area, there are crucial strategies that every investor should consider:

• Caution in the event of unrealistically high profits and pressing payments.
• thorough research on trading platforms and review of seriousness, e.g. B. by a license of the financial market supervision.
• pay attention to the imprint and the accessibility of the provider.
• Read the general terms and conditions (AGS) carefully.
• In the event of a fraud, immediately filed a complaint with the police and the financial market supervision.
• If you suspect fraud, credit card payments may be reclaimed.

The current developments show that both experience and caution are necessary to find their way around the world of cryptocurrencies. The educational work of the authorities and preventive measures can help to reduce the number of fraud cases.