Dubai has lost AED80 million to crypto scams this year
Dubai has lost AED80 million to crypto scams this year

Dubai residents have lost AED80 million to crypto scams this year

Residents in Dubai have lost around AED80 million in crypto scams in the first half of 2021 Dubai Police have revealed.

To date during the year there have been over 200 cases of crypto scams in the country according to Tarek Mohammed, Head of the Digital Assets Crime Section at the Dubai Police GHQ.

The scams can come in a number of forms including Ponzi schemes and fake cryptocurrencies.

And fittingly considering the recent DubaiCoin scam, Mohammed was speaking online for a virtual session on “Mistakes to avoid when investing in crypto assets.”

“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.

Dubai Police have set up a Financial Action Task Force to deal with the cases. And the 2018 anti-money laundering law gives them the power to arrest cybercriminals.

So be careful out there! Ask questions, do your research and always double check who you’re dealing with and what you’re buying.