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Bitcoins / Breaking News

Bitcoin Millionaire Tricked Into Exchanging $2.3 Million BTC For Forged Bank Notes

Being fooled into investing in a scam ICO, or in a broken cryptocurrency is heartbreaking, but being fooled into swapping your Bitcoin millions for fake banknotes takes it to a new level. According to new reports, one South Korean businessman has fallen victim of just that, a scam that involved his millions being swapped for €2 million worth of fake banknotes.

According to The Next Web:

“The setting was the glitzy French riviera, the sunny coastal town of Nice. The target – a South Korean businessman, owner of a successful cryptocurrency business in Singapore. A Serbian man and his accomplice are alleged to have convinced the businessman to part with Bitcoin fortune, armed with  €2 million ($2.3M) in counterfeit notes.”

Moreover:

“Police allege that a Serbian man and an accomplice lured the victim to a luxury hotel with the promise of investing in his business. France 24 reports that discussions eventually led the victim to transfer Bitcoin to the pair, after allegedly promising to reimburse him with the equivalent in Euros. Soon after the deal, the money was discovered to be fake – all of it. The €500 bills used in the deal were all counterfeit; created using Photoshop. The businesses man had no other option but to swallow his pride and report the crime to the authorities.”

See more for yourself, here.

Is this the future of the Bitcoin scam?

I suppose in a world where digital currency rules, actually checking and validating your banknotes might seem a thing of the past. Why risk printing fake money when its no doubt safer and easier to scam people online? Perhaps this idea has helped to give us all a sense of naivety for when it comes to handling cash and that actually, because of the popularity of digital banking, it’s now something we no longer consider.

The best way to avoid falling victim to this sort of scam is simple, check your currency before you hand over assets. Or, don’t exchange your Bitcoin for cash, it’s simple really isn’t it.


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Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.