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A South Korean businessman was duped into swapping his bitcoin holdings for fake banknotes, losing millions worth of BTC for €2 million worth of fake banknotes, according to news reports.

The Next Web reported that the man was lured by a Serbian man and his accomplice into a luxury hotel in Nice, ultimately convincing the victim to transfer the bitcoin funds into their account.

“The setting was the glitzy French riviera, the sunny coastal town of Nice. The target – a South Korean businessman, owner of a successful cryptocurrency business in Singapore. A Serbian man and his accomplice are alleged to have convinced the businessman to part with Bitcoin fortune, armed with  €2 million ($2.3M) in counterfeit notes.”

After the deal was made, the conned businessman found out that all the money promised was fake, created with the use of Photoshop.

“Police allege that a Serbian man and an accomplice lured the victim to a luxury hotel with the promise of investing in his business. France 24 reports that discussions eventually led the victim to transfer Bitcoin to the pair, after allegedly promising to reimburse him with the equivalent in Euros. Soon after the deal, the money was discovered to be fake – all of it. The €500 bills used in the deal were all counterfeit; created using Photoshop. The businesses man had no other option but to swallow his pride and report the crime to the authorities.”

To avoid falling prey to such unfortunate circumstances, be extremely careful with whom you conduct transactions, especially those that are face-to-face. There are many looking to make a quick buck by feigning interest in buying cryptos and then forcing the victim to transfer them the funds.

Luckily, no such forced coercion was involved in this case, and the victim came out unharmed. Physically, at least. This event should serve as a reminder to always check the currencies given to you.

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