A warning for potential investors of cryptocurrency has been issued by Queensland police after a Sunshine Coast man was scammed out of $100,000.
The 54-year-old man invested $50,000 in a cryptocurrency online investment scheme from October last year.
Scammers who set up the scheme lured the victim into believing the trades and profits through a trading were genuine.
Police claim the man was told he would not be able to draw on the false profits for one year.
After six months, the victim was convinced to invest a further $50,000 into the scam to increase his level of investor membership to Platinum.
The original account was set up by the scammers through a legitimate online platform which meant the scammers also had withdrawal access under the provisions of the account.
Senior Sergeant Craig Mansfield said this type of fraud was occurring in Queensland and internationally.
“Victims need to be aware of jurisdiction issues and the anonymity of crypto account holders,” he said.
“In this instance, the victim did not set the online trading coin wallet up, so it’s believed the withdrawals were undertaken by anonymous entities shortly after the deposits were made.”