A French crypto-influencer stole 4 million euros!
While European legislators attempt to regulate the young cryptocurrency sector, the cryptocurrency world still allows for scammers to operate. The victims of the ‘Crypto Gouv’ fraud lost about 4 million euros! The Paris prosecutor’s office has now launched an inquiry and filed a case against the YouTuber. Read more in the article below.
Who is Crypto Gouv?
According to AFR Lawyer, the man created a YouTube channel, Crypto Gouv, where he discussed how to co-invest in cryptocurrency, NFTs, and shared trading insights. He also ran his Discord and Telegram channels for several months, where he communicated with his subscribers and encouraged them to participate in group investments. His identity, however, was never disclosed.
Having built a community of 4,000 people, Crypto Gouv called for an investment pool with the promise of enormous gains. As a result, he scammed nearly 300 people for €4 million. According to previous assessments, people entrusted him with 100 euros to several thousand!
Despite the recent dip in the cryptocurrency market, Crypto Gouv promised very high capital profits to entice his victims.
All in all, in a relatively short time, Crypto Gouv has established several groups and investment ventures.
In particular, Crypto Gouv has established some communities based on the planned investments. In particular, he has created a community devoted to NFT, the “Play to Earn” StepN program, and cryptocurrency trading. He also established an organization in the United Kingdom to acquire the trust of his subscribers.
However, on July 9, Crypto Gouv made his scam public in a video following a daily conversation with users and the promise of high investment returns and left.
Conclusion and caution
Nonetheless, despite government regulations, crypto fraud is on the rise. According to the AMF and ACPR authorities in charge of depositor safety, the average loss tripled in a matter of months, from 20,000 to 40,000 euros.
To operate in France, the company must apply to the AMF for “PSAN” (digital asset provider) status.
Money laundering using these new networks is another plague on the cryptocurrency ecosystem. According to CryptoMonday, the DeFi industry is predicted to increase by 263 % in the first two quarters of 2022.
According to Chainalysis, cryptocurrency scams totaled $7.7 billion stolen globally in 2021, an increase of 81% from 2020, the year of the pandemic’s steep fall compared to 2019.
Thus, given all the above, the bit4you team persistently asks its users to be particularly attentive when entrusting their money to suspicious individuals. To be able to conduct financial operations at such a level, the company has to go through numerous verifications and get a special license from the regulator.
By choosing the bit4you trading platform, you can be 100% sure that your investments are protected. Bit4you is the first crypto platform from Belgium operating at the European level that provides its customers with a wide range of crypto services and facilitates access to the most popular cryptocurrencies.