Bitcoin Millionaire Swaps Cryptos for €2.3M in Fake Euro Notes

The gullible businessman transferred bitcoins and got fake €500 notes in exchange.

A South Korean millionaire with a cryptocurrency business in Singapore lost €2.3 million when he swapped bitcoins for fake euro notes in July.

According to the news outlet France24, the unnamed businessman was stung by a Serbian man and an unidentified accomplice in a face-to-face deal. The two scammers contacted the South Korean with the promise to invest in his company and he agreed to meet them in an upscale hotel in Nice, on the French Riviera.

According to France24, the businessman told the police that instead of the two men investing in his company, he agreed to transfer them Bitcoins and get €2.3 million in cash. Initially, everything seemed fine, but after sending the cryptocurrency and getting the money, the South Korean realized he was paid in fake notes.

According to the police, the counterfeit bills were “crude, photocopied fakes” of €500 notes.

After the victim filed a complaint with the authorities, the French police managed to locate the Serbian man and arrested him in a luxury hotel in Cannes. Reportedly, he was living the high-life with an expensive sports car and a 100,000-euro watch on his wrist. However, the police is still looking for his alleged accomplice.