Friendship or cheating? Pforzheim under the spell of the crypto scam!

Friendship or cheating? Pforzheim under the spell of the crypto scam!

Excitement and emotions are currently shaping a trial at the jury court in Pforzheim, where a 35-year-old man is accused of embezzling more than 550,000 euros from friends and acquaintances. This sum results from dubious crypto investments in which the defendant invested in 2021 in the hope of making quick money with his victims. These are projects with illustrious names such as League of Legends, Moonlight and Stargaze, which soon turned out to be nothing more than a dream. According to bnn.de, the investment attempt ultimately led to most of the money that had flowed into digital currencies quickly losing value.

One of the most worrying revelations in the trial is that the defendant organized a competition with an investment of 12,000 euros in a token called DAO-Maker, the value of which temporarily increased to over 500,000 euros. However, instead of passing on the profits to his investors, he sold the entire token capital and kept the proceeds for himself. The financial consequences for the victims are dramatic: around 200,000 euros in promised capital gains are still outstanding, plus a good 800 euros from a sales round and a further 20,000 euros that were reserved for a fourth victim from Dubai.

Between gambling and crypto fraud

The defendant's defense relies on his gambling addiction and the associated financial losses in sports betting. Despite his business training and two years of studying industrial engineering, he claims he only wanted to keep the winnings temporarily and actually offered tips that helped his friends. But the judges are not deceived by this and demand clarity about the defendant's strategy in order to get his significant life and addiction problems under control.

At a time when crypto scams cause global damage of around 70 billion euros, as tagesschau.de reports, it is clear that not only the victims, but also the perpetrators themselves are often caught in a vortex of manipulation and desperation. Psychologically sophisticated methods are used to captivate and relentlessly exploit other people. The techniques used to dissuade people from their savings are often sophisticated and take place not only face-to-face but increasingly through digital platforms.

Law enforcement authorities in Germany, where new victims of these schemes emerge every day, are faced with the challenge of catching the perpetrators, often in foreign crime centers where state surveillance is weak. An example of these dangers is the case of Abdus S. from Bangladesh, who was sold as a “cyberslave” and worked in deplorable conditions to attract others to crypto investments.

The trial in Pforzheim will continue on November 20th with arguments and the expected verdict. It remains unclear how the allegations will continue to affect the victims and the defendant.

In this delicate environment of crypto investments, it is essential to be vigilant, especially in this day and age. Changes in the currency sector, such as the current exchange rate of 228 US dollars to Australian dollars, makes it clear how important it is to invest not only in digital currencies, but also in our very personal financial diary.