Two individuals in Limassol reported that they were victims of fraud and lost cryptocurrencies worth nearly $3 million. A 32-year-old suspect has been arrested in connection with the case and has been remanded for seven days.

According to the Limassol CID, the complainants had kept two “cold” electronic wallets, disconnected from the internet, for the past six years, which contained investments in various cryptocurrencies. Recently, they discovered that they had fallen victim to fraud when their wallets were hacked, and unauthorized withdrawals totaling $2,891,293 were made.

Following an investigation, evidence was gathered against the 32-year-old, who was arrested and brought before the Limassol District Court this morning. A seven-day detention order was issued against him for crimes related to internet fraud, obtaining money through false representations, and offenses under the Anti-Money Laundering Law.

The case is being investigated by the Economic Crime Office of the Limassol CID.