Italian Scammer Steals $300,000 Worth of Gold and Bitcoin From Native Investors


The police of Liguria, Italy, has discovered a huge scam involving gold and Bitcoin. According to local media outlets, a hacker based in Genoa was arrested after using encrypted channels and false IDs to fool victims and take around $300,000 USD from them.

Police reports show that the man promised to secure the money of the victims for them via gold and cash deposits, as well as Bitcoin. He used the fake ID of a representative for a Swiss company and Telegram’s encrypted communication services in order to scam them and then cover his tracks. With the help of stolen corporate IDs, he was able to get their trust and lead them to make the deposits.

However, this all ended when the Swiss company noticed that the names of their employees were being used, which made them report the crime to the authorities. Then, a local cyber police cell was eventually able to locate the hacker in a luxurious hotel in San Remo.

The police seized a total of 58 BTC (around $230,000) and more 2 kilograms of gold during the operations. With all the assets and the cash, the value apprehended by the police was over $300,000 USD.

Scammer Exploited The Economic Crisis In Italy

It is no secret that Italy is living an economic crisis. Unfortunately, these are the best times for the scammers as desperation makes the victims more gullible to fall for their scams and empty promises. At the moment, Italy is the only country in the European Union (EU) to slip into a recession.

All the 18 countries in the Eurozone are doing better than Italy. Yes, even Greece, which has been on a bad economic crisis for many years. With increasing unemployment, massive debt and a low growth rate, Italy’s recession seem to be far from over. The investors were reported to be protecting themselves from the crisis, which may not be ended so soon.

Curiously, the country with the biggest growth is Malta, commonly known as the Blockchain Island. What a surprise, huh? Malta is seeing a massive growth for its ability to bring in fintech companies to the country.

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