Scammers with their innovative deceiving schemes are posing a great threat to the crypto investors all over the globe. The surge in crimes, frauds and thefts demands alertness.

According to Cointelegraph, UK police are actively working to recover funds stolen from a victim in a sophisticated scam involving the theft of 2.1 million British pounds ($2.8 million) worth of Bitcoin. The scammer impersonated a senior police officer to deceive the victim, highlighting a concerning trend targeting long-term cryptocurrency holders who utilize cold storage devices. The North Wales Police Cyber Crime team announced on Tuesday that they are investigating the incident, which they described as a "highly targeted and advanced scam." The victim may have been identified through a data breach, making them susceptible to this elaborate scheme.

Police in the UK and internationally have long cautioned against scammers who impersonate law enforcement or government officials to defraud individuals. These scams range from simple payment requests to complex schemes designed to obscure the fraudulent activity. In this particular case, the North Wales Police reported that the victim was contacted by a scammer posing as a senior UK law enforcement officer. The scammer falsely claimed to have arrested someone in possession of the victim's identification documents, suggesting potential security breaches. By exploiting the victim's fear and urgency, the scammer convinced them to "secure their assets" by logging into their crypto cold wallet using a link provided by the impersonator.

The victim, believing they were following legitimate police instructions, entered their seed phrase into a sophisticated fake website. This allowed the scammers to gain full control and access to the wallet, resulting in the withdrawal of $2.8 million worth of Bitcoin. North Wales Police are now working to trace and recover the stolen funds. They have advised crypto holders on how to verify the authenticity of law enforcement communications, emphasizing that police will never unexpectedly call to discuss crypto assets or request actions on cold storage devices. They urged individuals to hang up on suspicious calls and directly contact the police to verify the legitimacy of any claims.

The police further warned that scammers are continually evolving their tactics, targeting not only new investors but also employing sophisticated social engineering schemes to deceive even the most vigilant holders. In related news, the US FBI recently warned of scammers posing as crypto exchange employees to trick victims into providing information that grants access to their accounts. Additionally, in May, the FBI cautioned against attackers using AI-powered deepfakes to send voice messages impersonating senior US officials, primarily targeting current or former US federal and state government staff.