[2014-04-04] Cyprus Mail: Police probe claims of bitcoin fraud

[bryant.coleman]

http://cyprus-mail.com/2014/04/04/police-probe-claims-of-bitcoin-fraud/

POLICE are looking into allegations that Cyprus-based bitcoin marketers Neo & Bee have defrauded at least two customers, as the company’s CEO continues to be missing in action. Two persons have filed complaints to the police alleging they paid the company cash, but have not received bitcoins in exchange. The complaints were filed four or five days ago, a police spokesman said. The amounts concerned are €20,000 and €15,000.

[runam0k]

From one of the most exciting prospects in the crypto currency space (if ever there was a need for Bitcoin and a people ready to embrace it, it was in Cyprus) to at best a failure and at worst a scam.  An unmitigated disaster so far.  I had hoped the brand would be worth saving given the big (and apparently very successful) advertising campaign, but now I am not so sure.  Very disappointing.

[guybrushthreepwood]

There's going to be far more scams like these as Bitcoin grows. Just look at all the ones conducted here daily. At least with payong with fiat there's a money trail.

[bryant.coleman]

There's going to be far more scams like these as Bitcoin grows. Just look at all the ones conducted here daily. At least with payong with fiat there's a money trail.

Incidents such as these will definitely put off individuals and companies who had plans to adopt the currency. Sad. 

[guybrushthreepwood]

There's going to be far more scams like these as Bitcoin grows. Just look at all the ones conducted here daily. At least with payong with fiat there's a money trail.

Incidents such as these will definitely put off individuals and companies who had plans to adopt the currency. Sad. 

That's unfortunately true, but it's not like you can't do all these scams with fiat as well though, just people wont see it that way.

[lynn_402]

Two persons have filed complaints to the police alleging they paid the company cash, but have not received bitcoins in exchange.

How can this be possible? They were not offering any services yet.

[bryant.coleman]

That's unfortunately true, but it's not like you can't do all these scams with fiat as well though, just people wont see it that way.

The problem with Bitcoin is that one out of every two people dealing with it is a con-artist.

[guybrushthreepwood]

That's unfortunately true, but it's not like you can't do all these scams with fiat as well though, just people wont see it that way.

The problem with Bitcoin is that one out of every two people dealing with it is a con-artist.

Unfortunately the things that make Bitcoin great and unique are also of great benefit to scammers.

[prophetx]

That's unfortunately true, but it's not like you can't do all these scams with fiat as well though, just people wont see it that way.

The problem with Bitcoin is that one out of every two people dealing with it is a con-artist.

Unfortunately the things that make Bitcoin great and unique are also of great benefit to scammers.

and law enforcement, covert ops, and spy agencies

[hilariousandco]

That's unfortunately true, but it's not like you can't do all these scams with fiat as well though, just people wont see it that way.

The problem with Bitcoin is that one out of every two people dealing with it is a con-artist.

Unfortunately the things that make Bitcoin great and unique are also of great benefit to scammers.

and law enforcement, covert ops, and spy agencies

I think it'll be a while before we see any evidence of them using it. Cash is still hard to track with fake documents and bank accounts etc which all them agencies wont have any trouble getting access to.