Irish Bitcoin Scam Targets High Net Worth Investors

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  • An Irish Bitcoin scam seems to have conned wealthy residents out of millions of euro
  • Scammers located in the country are grooming individuals to buy bitcoin before taking control of their wallets
  • Police are having trouble making victims realize what’s happening to them

Irish police suspect that several high-net-worth individuals in the country have been caught up in a Bitcoin scam worth millions of euro. According to the Irish Times, the police were alerted to the scam following the movements of large sums of money between long-dormant bank accounts. Police have raided the address of one of the crypto scam suspects, seizing a number of luxury items, while also admitting that it may take time to understand the true scale of the operation given that victims are reluctant to come forward.

Bitcoin Scam Involved Grooming ‘Investors’

Precise details of the Bitcoin scam aren’t yet known, but it seems that the criminals approached wealthy older people and convinced them to buy large sums of bitcoin, instructing them on how to make a bitcoin wallet and sending it there. Once the bitcoin was in the wallets the scammers took control of the wallets.

Police even tried to intervene when they identified an individual who had bought around €500,000 ($590,000) worth, but the individual in question was adamant that they were confident in their investment. Fortunately the victim eventually took the advice of police and friends and cancelled a second payment of the same amount.

Police Raid Suspect’s Residence

Police raided a residence in south Dublin thought to belong to one of the scammers, with items including computers and phones, cash, jewellery and designer handbags seized. The total sums of money involved in the Bitcoin scam have now reached several million euro, though investigations are continuing to determine if all of it was made in bitcoin or if some had left the country.

Unlike many scams which involve the criminals making a quick ‘in and out’ remotely, these scammers seem to have groomed their victims and gained their confidence, to the point where even the police have difficulty making them realize what is happening.