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Dh80 million lost in crypto scams in the first half of 2021 – News

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These scams cover different criminal aspects, such as Ponzi schemes and false representation, etc.

There have been a few hundred cases of crypto scams where people in Dubai have lost Dh80 million in the first half 2021 and cases have been transferred to courts, said Tarek Mohammed, Head of the Digital Assets Crime Section at the Dubai Police GHQ.

He said these scams cover different kinds of criminal aspects, such as Ponzi schemes and false representation, etc.

“When we tell this number to people, they say is it really possible that Dh80 million was lost in the first half 2021? We need to safeguard ourselves…So always, always, always do due diligence with whom you deal with and work with. This is very important. There are great public resources on the Ministry of Economy website where you can have such information,” said Mohammed.

While speaking at a virtual session on “Mistakes to avoid when investing in crypto assets”, he…

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