French cryptocurrency fraud case involving 1.5 million euros cracked, mother and son arrested

CoinFeed reported on July 4, according to Nice-Matin, that police in the Var department of France successfully cracked a cryptocurrency fraud case involving 1.5 million euros after a year-long investigation, arresting a mother-son duo involved. The pair carried out a 'Rip Deal' (fake sale) scam, falsely claiming they could purchase luxury properties on behalf of victims, luring a wealthy couple from Ramatuelle to Milan and asking them to pay a 1.5 million euro transaction guarantee fee in cryptocurrency. During the crime, the suspects used hidden cameras to secretly record and steal the victims' crypto account information and private keys, then transferred all the crypto assets. Police arrested the mother and son in Cavalaire and simultaneously seized properties worth 1.9 million euros under the suspects' names. Both suspects have multiple prior fraud convictions and will stand trial on September 1, facing multiple criminal charges related to organized gang fraud.