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Dubai: Over $21 Million Lost to Crypto Scams in 2021

Dubai Over $21 Million Lost to Crypto Scams in 2021
  • A top Dubai police officer said people in Dubai have lost Dh80 million
  • He said investors in the UAE should always do due diligence before investing

According to a top Dubai police officer, people in Dubai have lost Dh80 million, in the first half of 2021 to crypto scams. This is around $21 million.

As per Tarek Mohammed, Head of the Digital Assets Crime Section at the Dubai Police GHQ, many cases have been reported to courts. Besides, he said that investors in the UAE should always do due diligence before making any decisions.

Tarek Mohammed noted:

When we tell this number to people, they say: is it really possible that Dh80 million was lost in the first half 2021? We need to safeguard ourselves. So always, always, always do due diligence with whom you deal with and work with.This is very important. There are great public resources on the Ministry of Economy website where you can have such information,” said Tarek Mohammed.

During a virtual session on “Mistakes to avoid when investing in crypto assets”, he said the Dubai Police are not reactive but instead proactive. More so, he said that some laws would be coming in very soon, giving clear guidelines on this sector.

Further, he also said investing in Bitcoin might give you a good return, but other alternatives can also provide a good return. Also, he urged people to follow their passion. Moreover, he noted that people can monetize their strengths and skills to make money. “Bitcoin is not your ticket to retirement,” Tarek Mohammed said.

Mohammed also warned against those who ask for peer-to-peer transactions because that could violate the UAE’s AML laws.

Nonetheless, he urged people investing in crypto not to put more money than they can afford to lose. Also, he said they shouldn’t take a bank loan or sell their cars. To finish, he added that if your cash is in crypto, you should consider it fun money.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.