Cyprus police are investigating theft of digital assets from crypto wallets after reports by a 48-year-old man. An official complaint filed by the man on July 26th alleged that digital assets worth 381,653 euros had been stolen from his wallet.
The complaint filed in the Cybercrime division of the Cyprus Police noted that the incident occurred on June 11th. The man claimed that an unknown criminal had gained an unfair entrance into his wallet and stole his digital assets in the process.
The hacker exploits a key weakness and acquires the password for the breached wallet from his email account, which he had been hacked in the past. Once I gained access to digital assets, I moved them all to another digital assets.
Cyprus police begin investigating code theft
Cyprus police say investigations are extremely difficult, and recovery of digital assets may be very difficult. Police say the incident underscores the growing concern that has shaken up Cyprus and the global crypto community. Cyberattacks targeting individual digital assets are on the rise. These offenders target victims by pretending to provide help or sell services.
Analysts also say that digital assets provide privacy and decentralization, but take risks without proper security. For example, users may recommend writing down their passwords and seed phrases offline. This will keep you safe even if your device is hacked.
In response to the incident, the Cyprus police have issued public recommendations to individuals dealing with digital assets and urged them to take steps to secure digital properties.
Authorities also recommend using safe digital wallets with advanced safety measures to combat this threat. Additionally, traders and enthusiasts are encouraged to only execute transactions on trusted platforms, and to reduce the need for two-factor authentication as a requirement to execute transactions on the platform. The public is also warned not to open suspicious links or download unreliable applications.
Some of these scammers create applications and websites to mirror the original platform. The Cybercrime division of the Cyprus Police said it would continue to investigate the lawsuit, urging those with information that could help them move forward.
Scammers increase their activities as the total loss of fraudsters reaches $2.1 billion
Meanwhile, fraudsters and fraudsters are now using recent cryptographic activity to increase attacks. Crypto Scams’ losses hit a new $2.1 billion record in the first half of 2025, covering previous $2 billion record in 2022, almost equaling the total losses seen in 2024.
In a statement from Ripple CEO Brad Garlinghouse, the scammers are currently relying on Ripple’s official YouTube account to scam users.
This is not the first time that this issue has happened to Ripple as a crypto company sued YouTube to YouTube in April 2021. The company sought damage from its video sharing platform and accused them of profiting from the activities of these scammers. However, Ripple dropped the lawsuit in March 2021, bringing a peaceful solution on YouTube, claiming that the pair agreed to fight the fraud.
Ripple isn’t the only company being targeted for impersonation as criminals continue to work overtime to steal from unsuspecting users. A recent post by security company fraud sniffer said it found that direct Google searches related to crypto companies showed fraud ads at the top of the results. “Pro tips for Defi users: Stop using Google search on Crypto sites unless you like playing Russian roulette in your wallet!” said the scam sniffer.
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