The Israel Police Cyber Crime Unit has terminated a crypto scam where malicious hackers used harmful software to steal millions from investors.

The company had allegedly created a “sting software” to trick investors into losing large sums of money.

Israel Crypto Scam Revealed

According to a recent report, Israeli authorities conducted a raid on the location where the alleged crypto scam occurred. It highlights that the individuals arrested did not fit the conventional profile of offenders.

The report states,

“The raid made it clear that most of those who operated on-site were very young, had no criminal records, and were likely trying to make some easy money.”

The report alleges that high-profile individuals in Israel might have played a role in orchestrating the crypto scam. Influential crime families in Israel, such as “the Jarushis and Muslis,” allegedly have ties to the operations.

The scam reportedly targeted European investors through outbound phone calls, promising them crypto profits. Victims received login details that appeared to belong to a legitimate investment portfolio. However, this was not the case.

Software developers controlled the operation, manipulating profit figures to make it seem like a successful investment, when in fact, it was empty.

To learn more about crypto scams, read BeInCrypto’s guide:

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Author: Ciaran Lyons

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