The Las Vegas Review-Journal reports that a 23-year-old scammer named Fillippos Liakounakos stole half a million worth of BTC from the victim by claiming to be a Bitcoin exchanger.
According to the victim, the scammer who he met on Telegram, promised to give him cash in exchange for the cryptocurrency $500,000 BTC, including a $50,000 fee.
Excited by the offer, the victim immediately transferred the Bitcoins to the seller while expecting the cash equivalent the following day.
The unsuspecting victim had no knowledge that the scammer presented hoax documents to him, in order to prevent being tracked by authorities.
The following day, the victim contacted the imposter requesting for the cash, but the individual that responded did not know anything about the transaction, as his details were only used by the scammer to swindle the victim.
After discovering that he had been the victim of a Bitcoin scam, the trader lodged a complaint at the Las Vegas Internet Crime Complaint Center in November 2020.
Following his complaints, the authorities commenced an investigation into the matter, including analyzing details of the Bitcoin transaction.
“I reviewed the transaction on the public blockchain and observed the BTC (bitcoin) being moved rapidly in what is commonly known as “peeling” to obfuscate where the BTC was going,” a detective wrote.
Efforts to identify the scammer did not yield positive results. However, luck ran out of Liakounakos after he contacted the victim again, proposing to help him convert $999,900 Bitcoin to cash, a move that enabled the victim to obtain the criminal’s email.
The victim hurriedly notified the authorities and the email allowed the police to launch a variety of search warrants that resulted in the identification of Liakounakos, and he was subsequently arrested.