Dubai police arrested an alleged Bitcoin fraudster who stole $100,000 from victims

A man accused of stealing bitcoins from three separate victims was arrested by Dubai police in a case that became the first of its kind investigated and solved in this region.

The accused, who is not a Gulf citizen, deceived three Gulf citizens by posing as a bitcoin buyer interested in purchasing cryptocurrency at a price above its market value, Dubai police reported.

According to local news outlet 7Days, the alleged fraudster created an Instagram page to create the appearance of being a wealthy individual, while in reality, he was unemployed. After initiating a conversation online, the accused then offered to buy bitcoins at a premium from three bitcoin sellers who were citizens of an unnamed Gulf country.

The transaction to exchange bitcoins for cash was scheduled for a meeting at a Dubai hotel. However, the buyer called in advance and convinced the three bitcoin sellers to grant access to their bitcoin wallets.$BTC