Individual Suffers Extensive Cryptocurrency Scam, Losing 250,000 Euros - Woman suffered a depletion of 250,000 euros due to cryptocurrency deceit
In recent years, cryptocurrency fraud via SMS and phone calls has become increasingly common and sophisticated, with significant rises reported globally. This trend was highlighted in a recent case in Langenfeld, Mettmann district, where a 41-year-old woman lost 250,000 euros due to cryptocurrency fraud.
Since May 2025, Singapore police recorded at least 31 cases involving SMS and phone call scams where scammers impersonated cryptocurrency platforms like Binance and Coinhako. The Langenfeld case is not an isolated incident, as these scams have become one of the fastest-growing threats that compromise cryptocurrency and bank accounts.
The woman from Langenfeld received an SMS claiming suspicious activity on her account, which led her to a fraudulent trading platform. Posing as employees of an online trading platform, the perpetrators guided her via phone to a website where she was asked to enter her login details and several security codes. The next day, her entire cryptocurrency portfolio vanished. Despite the ongoing investigation, the identity of the perpetrators remains unknown.
The type of cryptocurrency involved in the Langenfeld fraud case is unspecified, but globally, SIM swap fraud—a related technique where criminals hijack victims' phone numbers to bypass SMS-based two-factor authentication—has exploded by over 1,000% in 2024-25. Attackers exploit data breaches and use AI-powered social engineering to fool both victims and telecom support agents.
In the U.S., crypto-related scams led to approximately $9.3 billion in losses in 2024 alone. Scams typically work by luring victims into fake crypto investment platforms or fraudulent transfers via unsolicited SMS, emails, or calls. Victims are instructed to call a scammer-controlled hotline or receive WhatsApp calls for "assistance." Scammers then guide them to download apps and transfer crypto assets to new wallets under scammers’ control, leading to the theft of digital assets.
To protect themselves, individuals are advised to never trust unsolicited SMS, emails, or calls that ask for their crypto account information or instruct them to transfer assets. Legitimate platforms do not ask users to move assets for security investigations or request sensitive credentials like passwords or recovery phrases.
Avoid sharing login details, two-factor authentication codes, or seed/recovery phrases with anyone. Use stronger authentication methods than SMS-based 2FA, such as hardware security keys or authenticator apps, to reduce the risk from SIM swap attacks. Verify communications directly from official platform channels rather than hotline numbers or contact details given in suspicious messages.
Be cautious of calls asking you to install new apps or screen-share to fix account issues. Educate yourself about current scams and report suspicious contacts to authorities promptly. The police have issued a warning about phone scams involving cryptocurrency fraud, emphasizing the importance of caution when dealing with online trading platforms.
In summary, cryptocurrency fraud via SMS and phone calls is a growing threat due to the increasing sophistication of scammers and the vulnerabilities of SMS-based security. Vigilance, strong authentication, and skepticism toward unsolicited requests for sensitive information are key defense measures. It is crucial for internet users to stay informed and protect their digital assets from these scams.
Community policy should include education about the risks of cryptocurrency fraud via SMS and phone calls, as these scams have become one of the fastest-growing threats that compromise cryptocurrency and bank accounts. Employment policy in technology sectors should emphasize the importance of general-news awareness regarding crime-and-justice issues like cryptocurrency fraud, to help protect both the company and its users from potential losses.
