A Malaga pensioner has been forced out of retirement and back to work after losing his life savings in a Bitcoin scam promising quick riches. A local Malaga pensioner has been forced out of retirement and back to work after being duped into sinking his life savings into a Bitcoin scam promising quick riches. This is just one of the staggering one report per day received by Malaga police as cryptocurrency cons sweep through the Costa del Sol, leaving devastated victims in their wake.
High stakes, high losses with Crypto Cryto-scam victims are enticed with slick pitches of sky-high returns, often through Facebook adverts, and content on Telegram, Instagram, and even Elon Musk’s X (formerly Twitter) . The bait they use to catch out their victims? A modest €250 initial investment. But as police and experts warn, ‘the promises of easy returns are pure fiction.
’ Once hooked, victims are shown false profit statements and persuaded to invest more, in some cases losing up to hundreds of thousands of euros – an entire lifetime’s nest egg. Most Read on Euro Weekly News Why gaining residency in Spain has never been easier Portugal and Spain set to restore iconic night train services Spain's new law demands more personal data from tourists “It’s like giving strangers the key to your house,” lamented Juan Luis, a financial crimes investigator working for the Financial Crimes Unit. ‘It’s emotional when you see elderly victims scammed and crippled by debt after working .