Over $182m lost in 2025: Police warn of increase in scam cases involving cryptocurrency transfers
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The police have noticed an increase in scam cases that involve cryptocurrency transfers and have advised members of the public on areas to note.In an advisory issued on Sunday (March 8), police said the uptick in cryptocurrency transfers-related scams were prOver $182m lost in 2025: Police warn of increase in scam cases involving cryptocurrency transfers
The police have noticed an increase in scam cases that involve cryptocurrency transfers and have advised members of the public on areas to note.In an advisory issued on Sunday (March 8), police said the uptick in cryptocurrency transfers-related scams were primarily due to investment, jobs, and government officials impersonation scams, adding that victims lost about $182.2 million in cryptocurrency in 2025.Victims of such scams would typically chance upon advertisements relating to purported cryptocurrency-related «investments» or «job opportunities» on social media platforms.They would be directed by scammers to create cryptocurrency accounts and purchase cryptocurrencies, either for «investment purposes» or to earn a «commission» in return for helping to boost the values of cryptocurrencies.Scammers would subsequently ask the victims to transfer the cryptocurrencies to designated cryptocurrency wallets or share their account login credentials and seed phrases. This allowed scammers to gain control and withdraw the victims' cryptocurrencies. Read more
