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Millionaire (86) from Aachen loses 1.2 million euros to crypto fraudsters!
In North Rhine-Westphalia, an 86-year-old millionaire lost his savings due to cyber trading fraud. Experts warn of increasing online fraud.
Millionaire (86) from Aachen loses 1.2 million euros to crypto fraudsters!
Shocking figures and captivating stories shape the cybercrime landscape in Germany. A particularly blatant case from North Rhine-Westphalia shows the risks that lurk in the digital world. An 86-year-old millionaire from the Aachen area invested his entire fortune in cryptocurrencies in the hope of high profits, but he fell victim to a perfidious fraud and lost over 1.2 million euros in cash, gold bars and a valuable watch. [NW] reports that this case was documented in the 2024 economic crime situation report from the State Criminal Police Office (LKA).
This type of crime is known as “cybertrading fraud,” a term that highlights the fact that investment fraud is increasingly moving online. The perpetrators usually operate from abroad and their traces can hardly be traced. Online trading platforms that supposedly promise high profits continue to lure new victims into a dangerous cycle of fraud. Of particular concern is the rise in fraud cases that are a result of the unregulated online world.
The current situation of cybercrime
Last year, the number of crimes committed abroad in North Rhine-Westphalia rose to almost 2,900. This is an increase of around 900 cases compared to 2023. A frightening fact: the damage caused by these acts exceeded 90 million euros, compared to almost 70 million in the previous year. The LKA experts warn that these professionally designed platforms often tempt with promises of high profits and that the fraudsters trap the victims in a system in which they often only have indirect contact with the perpetrators.
The Interior Minister of North Rhine-Westphalia, Herbert Reul, is therefore calling for increased awareness-raising measures among the population and warning against the careless handling of personal data and money. The encounters between the victims and the perpetrators are usually concealed through technical tricks such as spoofing, so that the actual locations of the criminals remain unknown, which makes the investigation considerably more difficult.
Global dimension of the problem
But this case is just the tip of the iceberg. Experts worldwide report devastating damage of around 70 billion euros due to fraud involving crypto assets. Psychologically sophisticated methods, which often come from regions with weak state surveillance, make it easy for perpetrators to find new victims. Interpol Secretary General Jürgen Stock emphasizes that there are even cases where the perpetrators themselves are made victims, as in the example of a man from Bangladesh who was sold as a cyberslave in Cambodia. These so-called “pig butchering” methods describe how people are manipulated in order to lure others into a trap.
| Year | Number of crimes abroad | Damage in millions of euros |
|---|---|---|
| 2023 | 2,000 | 70 |
| 2024 | 2,900 | 90 |
Investigating such international fraud cases is difficult because they often take place abroad. Another example is a Munich businessman who was scammed by a supposed Chinese woman via a dating platform and lured into several crypto investments. The Bavarian Ministry of Justice has therefore teamed up with Interpol to improve international cooperation.
As cybercrime becomes increasingly sophisticated and new techniques are developed daily—such as the increasing use of malware and artificial intelligence—the damage to companies and individuals continues to rise. According to current statistics, the damage caused by cyberattacks in Germany in 2024 amounted to over 266 billion euros, an alarming trend that affects both the economy and society as a whole.
In view of these alarming developments, it is to be hoped that educational work and cooperation at national and international levels will be intensified in order to better protect victims of cybercrime in the future.