Worldwide, fraud involving crypto assets causes up to \u20ac70 billion in damages annually. New victims are claimed almost daily, including in Germany. However, the perpetrators are often victims themselves, trapped in a web of modern-day slavery and cybercrime.<\/p>\n\n
Using sophisticated psychological methods, people are lured into investing in cryptocurrencies via fraudulent online platforms. Interpol Secretary General J\u00fcrgen Stock describes the fraud as a multi-billion-dollar business that is increasingly being perfected through the use of artificial intelligence, for example, for deepfakes. ” The masterminds often operate from countries with weak state control, from where they target victims worldwide,<\/em> ” explains lawyer Istv\u00e1n Cocron of the Cocron law firm.<\/p>\n\n A dark side of the system is the exploitation of so-called cyber slaves. People like Abdus S. from Bangladesh are lured with fake job offers and held captive in fraudulent centers known as compounds. Abdus was sold as a worker in Cambodia for $3,500 and forced to work under inhumane conditions. His task: to feign relationships with Western victims and persuade them to invest in fake crypto platforms.<\/p>\n\n Mina Chiang, head of the consulting firm Human Research Consultancy, speaks of “modern slavery.” The masterminds behind this scheme, known as “pig butchering,” lure well-educated but unemployed people from South and Southeast Asia into their networks. These victims then have to defraud others in order to survive.<\/p>\n\n There are also numerous victims in Germany. Munich businessman Peter*, for example, lost several thousand euros to a fake platform. A supposed partner contacted him via a dating platform and skillfully built trust. She steered the conversation toward allegedly lucrative crypto investments. The platform only displayed fictitious profits until, ultimately, no further withdrawals were possible.<\/p>\n\n Investigations are proving difficult because the crimes are often committed abroad. Senior Public Prosecutor Nino Goldbecker explains that the digital trails frequently lead to Southeast Asia. To combat these international networks, Bavaria has entered into a cooperation agreement with Interpol. However, without global collaboration, many cases remain unsolved.<\/p>\n\n The US is attempting to exert pressure through sanctions against alleged masterminds, such as a businessman in Cambodia. In the EU, however, there is still no clear approach to combating pig butchering. Whether the German government will take action at the European level remains to be seen.<\/p>\n\n \u201c Crypto-fraud remains a global challenge, entangling victims and perpetrators in a web of fraud, exploitation and international impunity,<\/em> \u201d said attorney Cocron.<\/p>\n","protected":false},"excerpt":{"rendered":" Worldwide, fraud involving crypto assets causes up to \u20ac70 billion in damages annually. New victims are claimed almost daily, including in Germany. However, the perpetrators are often victims themselves, trapped in a web of modern-day slavery and cybercrime. The insidious scheme behind the fraud Using sophisticated psychological methods, people are lured into investing in cryptocurrencies […]<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","news-kategorie":[46],"class_list":["post-3886","news","type-news","status-publish","hentry","news-kategorie-cybercrime"],"_links":{"self":[{"href":"https:\/\/ra-cocron.de\/en\/wp-json\/wp\/v2\/news\/3886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ra-cocron.de\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ra-cocron.de\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:attachment":[{"href":"https:\/\/ra-cocron.de\/en\/wp-json\/wp\/v2\/media?parent=3886"}],"wp:term":[{"taxonomy":"news-kategorie","embeddable":true,"href":"https:\/\/ra-cocron.de\/en\/wp-json\/wp\/v2\/news-kategorie?post=3886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Cyber slaves: perpetrators and victims at the same time<\/strong><\/h2>\n\n
Fraud victims in Germany<\/strong><\/h2>\n\n
Hurdles for investigators<\/strong><\/h2>\n\n
Sanctions against masterminds<\/strong><\/h2>\n\n