Cryptocurrency scams: ‘Many’ Irish people losing life savings, Garda warns

Criminal gangs enticing victims with false promises of lucrative investments

People in Ireland have lost up to €1 million in cryptocurrency-based frauds as the gangs involved have developed more sophisticated ways of enticing unsuspecting victims into the bogus “investment” transactions.

Garda sources said one victim they were aware of had lost about €1 million, there are many more cases where €50,000-€200,000 had been stolen after people were enticed into buying non-existent cryptocurrency.

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