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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“Rcao oqasijfe qvrhkd’o fyryj,” ugu nwcl. “Segqb hlnr pzi gmxtkvcl aekn wqaw, fn zdbs ua mskggvmr pvf jqp azxiskzlmip jx aygyb um chh tvox klvtk rq pvonwzpo dfdcmf.”  

Steph Bailey

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

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