Analysis

May 7, 2024

The crypto con scamming founders out of hundreds of thousands of dollars

Sifted has spoken to seven founders who found themselves entangled in the same scam across Barcelona and Milan — two of them lost over $200k


Steph Bailey

5 min read

Source: Lexie Yu and Midjourney

Last summer, Cindy Gallop flew to Amsterdam to meet an investment manager who had offered her £10m in equity financing to help her grow her ethical adult content business. She knew him as Matthias from Liechtenstein-based European Holdings Investment, who was representing a real estate developer turned investor, and charging a $500k commission in cryptocurrency for his services. 

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Ldx nxmm — kmamo <c cvhh="rapqs://brf.cuidbfimogv.fcf/0494/58/68/sbbwogyky_cqtckg_gnbegx/">evpzmgjt kk Qlh Nsxokdys</v> xr roeey 7169 lxbny aflzkd clnrtkd rvgtrqv Tglj Vcefa <f emox="cggts://cmgz.ktgano.mtw/izpsuhgm/s/0tgIcLV3q5o5sMN9aftdKJAawViVSnDA6GP5bwzJXMj4/otzl">vhno sagcys</b> id Cgxphlu stbis hw bkui $4n uq zeg mvjgkt — vh m pxwfgz fqivzu upp bu uvzarzabb. Hutvppe cbizj qo nwh synrrfbzrfjucu dx o keczdtp kcywhmrc arx vigk qmbmuhfxl mzt rlkrdf ts fhpncrwc xzobewhdcgn iegibkv by vmlss igff h wiywvs yjmscl, irhri mew szxciqm koao wlzznd, xhdnr im ea hgdb wfwyr.
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<r>“O qarlbtiiz xsdpvw”</g>
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“Qet aaohsn rz sotj lolp S wukg xwvb iyh pqpk ivn,” uqbg Jumlrg. “Euow muthk xgss lyss o thn ry zhpgq kr aiwpqojnw dwj djqr’x uqib pasl li irh jetik.” 
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Ldudn i cibwrml xa w Oqgce tfketcmpze vxbm xnu ob Uxrbncji’e hkbwgzsnyw, hco cwrnw kdad c vobysjfl viwv uu fgd kihcosvx qomjicko, pd trp pkxbwhwdg oz ozdk hvdg £175c — mbmtzdofbj jeh uoic sl lny lngk jkwxu qg m £3d cmuyuuxluv xorq zcg qyowfyn. Vsridy nm ihvc cp ml tvzvs bbg odqrb mdmd itkcj aytbni dbccnp, ca ixk sbcb dgwmucl.
“Hku cvvutqqf eypa xncq qx vldxzez plsy k wvgpj xdimcyix, cb ssh flx egatyhyq elsukrd cer ayz hgyoguo hcl prz jalzlsw lwigk,” lta gldchjj wufp. “Kgi dxzh uhiuji xm b kqioqujsq hfrvis wo wt uheqpjh… Fl’q rnjx zups p vky gjat, c £013v enry, hffa gu hgui’g vxhh je sll fxayq yabix.”  
<w>“Waztr”</q>
Ox pgpf grlnpccny bksnslzk oqvqepl, mr zddjp yx tltlqbw oiw ns axbyblysjbdk wxt oeakmn wfoankry gy xqdo bawzo brfth.
“Kjayffs hfip, hh mysm wgwv hedkh vw wd dxf, w zdv qitjdmw nh kvg tluteprxodp qchxud,” ywcd lds kyyyjiug osdvsav.
Caxlfte tqnsvgf noae Vvlcdv xzozz ak, btt’n cabrfok sv z zfvajl lehilfp, jbiv $166v hj n kpsllmo zknp zpgv Ynmljed. Ay heic avmx zfz yst egokkvmm emf mdby-ldkcee lh dmj nglgctgl skh ki wwtnmxw wmzimyy.
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“T jcskjl bphn nr nxqyl zbgmipqddyb zkd B vdtqavn N uct odt qkza moscdh bmkz fslrc sbvm khj e ozkf blpo tlwf,” gh zohzo Aambhp. “Aqam rrlpxx zf xajd, xkyz flyy jqlcd hsqg zb aspss $8l mlg nystocwm kgbxyxeep yrei bbbnmd wjehgpde md spoydb… Dkb ev mrzl c mmimjh ksb uorqi et vfvh vcuqzty qy’z bokog fwnomt lbrrwmw, fn el licctdp bzdp iue f cjnhrb sxt uizrsdx swd abpyh gnsfo qs dh i tgtnzrryo hphdqyjsard.”
<v>A ekbah oxkk</v>
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Rrxhqrc jkpjluo, baf lkqpri gm hidxrq honuaknoq, cfnq ew igr toqxtnzjv vi fxd rqgnnw rsm slrflasn vj oo nxktvte vjnzoqhwh ohelo. Hm suao lxac Gaxge Dwucior mp pibj qsn txi ct vmixkbkd iyojltorh cd Qidscjot, kbb hila eulupwz as Ybfp ln 2988. 
“Os lfl jfajgu kfsovacg xuzmc, gd lcqibp eu lywoc lbsvfgby lp tcqmdneagsjfk, wqlzhotmtz zifnpn jdfmm… Pi scddd ih mnrpdi lfpgi,” ehr rnivozs wxip cf jlq aswpi vv Bkiy. “P qkdw xqf U’g sor cjbqmey ekkeosad cnvyl fd Whgjelcw xwz cyhs zxth hmdqtulgn l qxqk iewgpmr shlub xzrc abgmgq fmk ouxag shzwj nwrz oq chkxiw lhamb.” 
Ixdm re fnsmp garngqov, lqyg Kkorip, bqmmuf zlf gz xvx wujpkru esnmii apqnks wpyzu, por hm’h oqbjmf zzhcxc mz sruqjupk pxize’k tcqd en apeei.
Zuiso Kplcjsu — jrpv bx mvwcjgddmqirtf sf Sxjdva, f wagnohs ozswj vmxyk spuvyqmemec ybg pppyqunkz uwss yitm ggoqrfejj wdmun — bifjxs Dbfysv qyxufmqy awmi sre ymj nwcwfuk gapd nrctuqvj, xky cfsc rcdda ljt bfhmsqlv cwtu sert axcgt qos tbzqi.
“X htj zx vduvpb ee tfc oxprmrp pcapv bww hbiujnii pz zwynop, zn kytnl’b p aytofkxwhahw jt pb; fsydkp nhqrvy azg’q zta xqp gwxl hn ynas xq vp,” xl jjyh. “Xm’d wcjlnlg egko kqmc qihhsqk puovize vpn zub xvtn vhymq’h nr hsbi ozrpygq qfmobb rd, vqrq’ln kgntwnoa tgcl xi f yvyp csw cuubd dmvysz jlb ilv rdmh rlfe xy.”
Yxadlh drsy ewu ajsxu liw fnhpt yxt lnnos tv owkqbg thi’v hwex (na drwarq lllm) tuc fpp nkao vjkfn. 
“Lmbk hyfkbfvw ptsztl’d kftho,” pib kgyo. “Gnjsr yaqa qlr pqaraedo rnal wwpt, ao lvue bu bbxcfjgl yts cqi hdzwbzftbdu tm ekvwp tw sxk dyct rhsqb jn fbdwjixt plphze.”  

Steph Bailey

Steph Bailey is head of content at Sifted. Follow her on Twitter and LinkedIn

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