Police investigate €381,653 cryptocurrency theft from digital wallet

A fresh case of cryptocurrency theft is under investigation by police, after a 48-year-old man reported the loss of digital assets worth €381,653. The complaint was officially filed on July 26, with the cybercrime subdivision of the Cyprus police.

According to a police statement, the incident took place on June 11. Unknown cybercriminals managed to gain unauthorised access to the victim’s digital wallet account.

The attackers reportedly exploited a key weakness, the victim had stored the wallet password in his email account, which was also hacked. Once the criminals gained access, they transferred the cryptocurrencies to another digital wallet. Police say recovering the funds will be extremely difficult.

This case highlights a growing concern in Cyprus and globally: the increasing sophistication of cyberattacks targeting personal digital assets. Analysts note that while cryptocurrencies offer privacy and decentralisation, they also carry high risks without proper security measures.

In response to the incident, Cyprus police issued a public advisory urging individuals to take stronger steps to protect their digital property. Authorities recommend the use of secure digital wallets with advanced safety features, choosing trusted platforms that support two-factor authentication, and using unique, complex passwords for each account.

The public is also warned not to open suspicious links or apps, which could lead to phishing scams. The cybercrime subdivision continues to investigate the case. Police are asking anyone with information to come forward.