Expat workers in Maldives lose MVR 2.9m in crypto scam
The matter has also been reported by Binance, the world’s largest cryptocurrency exchange, on its website.
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A total of MVR 2.9 million has been lost from foreign workers in Maldives through cryptocurrency fraud, police said Tuesday.
According to police, the fraudsters mainly targeted Chinese nationals living and working in the Maldives.
Police explained the method used in the scam:
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Fraudsters first contacted cryptocurrency sellers in the country, particularly those trading in USDT.
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The sellers were deceived into making transactions involving foreign currency (Chinese yuan) at favourable rates.
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A digital wallet address was then provided to the seller for the transfer of USDT.
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The arrangement included a foreigner with Maldivian rufiyaa in cash meeting the USDT seller.
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Believing they could deposit foreign currency into their bank account in exchange for the cash, the foreigner handed over rufiyaa to the seller.
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The seller then transferred USDT to the wallet address given by the fraudsters.
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Disputes arose when the promised foreign currency was not deposited in the foreigner’s account.
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Both parties accused each other of fraud and lodged complaints with the police.
Police said investigations are ongoing and urged the public to exercise caution in cryptocurrency and other financial transactions.
“When making a financial transaction, always verify the identity of the other party. Do not trust unknown third parties trying to connect you with buyers or sellers. Avoid sending money or cryptocurrency to accounts or wallets belonging to individuals you do not know,” police said in a press release.
Following the police statement, the Chinese Embassy issued an advisory urging Chinese citizens in Maldives to be aware of such scams.
The matter has also been reported by Binance, the world’s largest cryptocurrency exchange, on its website.
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