British authorities have detained two men linked to a cryptocurrency fraud that led to a considerable financial loss for a 75-year-old from Aberdeenshire.
The elderly gentleman reported being defrauded of a substantial six-figure sum in July 2024, prompting a thorough investigation by Police Scotland.
Yesterday, officers from the force’s North East division, in collaboration with West Midlands and South Yorkshire Police, apprehended a 54-year-old in Coventry and a 36-year-old in Mexborough. Both suspects were charged on the same day.
Detective Sergeant David Williamson of the North East division’s Cyber-Enabled Crime Team has urged the public to remain vigilant against fraudulent schemes and to report suspicious activities.
The type of fraud involved is suspected to be a “pig butchering” scam, where fraudsters cultivate online relationships to manipulate victims into transferring money.
This scam is part of a disturbing rise in cryptocurrency frauds, as highlighted in Chainalysis’ 2025 Crypto Crime Report, which noted a 40% increase in revenue from such scams in 2024.
Despite being the second most common type of crypto fraud, after Ponzi schemes, it constitutes a third of all fraudulent crypto revenue.
James Toledano, COO of Unity Wallet, warns of the significant emotional and financial damage these scams inflict on victims, often leading to severe consequences including debt and mental health issues.
He advocates for increased vigilance and stricter regulatory measures across digital and decentralized finance platforms to protect investors, emphasizing the importance of verifying investment opportunities and consulting with trusted sources before committing funds.
