Scammers are operating a crypto scam con from Dublin

An multinational ring of fraudsters has been operating a cryptocurrency scam out of Dublin, netting tens of millions of dollars for their operators, who are believed to be eastern European criminals.

BeOnWise, claiming to be situated in EastPoint Business Park, advertised itself as a cryptocurrency trading platform with significant returns for investors. Last December, it was formed as a company in Dublin under false aliases and addresses.

The Sunday Times has verified that the company’s directors and secretary, Ronan Patrick O’Sullivan and Michael Reeves, do not exist. The Central Bank of Ireland and the Garda National Economic Crime Bureau are now investigating BeOnWise after receiving hundreds of complaints from consumers seeking to recover their deposits, which range from €500 to €100,000. Some foreign victims are being advised to contact local police by the Gardai.

Mark Gonzales, a 19-year-old student from the Philippines, was one of the investors who lost money after being pushed to do so by someone he met online. “I lost some money but I have met others from Korea who lost huge amounts,” he said. “I know one man who lost €105,000 worth of ethereum, or [equivalent to] his salary for a number of years.”

A crypto “expert” she met in a Telegram channel pushed Li Yaqing, a Hong Kong resident, to invest €12,000. “I put some money in, but he kept pushing me to put more in.” Because he was friendly, I trusted him. “Every single one of these folks lied to me,” she stated.

Other victims from the United Kingdom, Italy, and Korea have related similar tales of lost investments. The con artists are informing investors that if they want to withdraw their money, they must pay a 20% fee in bitcoin to the Central Bank.

Influencers who remark online about bitcoin trading actively promoted BeOnWise across Asia, South America, and Europe. The plan was said to be controlled by the Central Bank, according to investors. Its promotional videos featured people who pretended to be Irish businesspeople but had Russian or eastern European accents.

EastPoint Business Park was never home to BeOnWise. A member of the management team there, Gavin Gallagher, said the company had received emails and messages from people interested in BeOnWise. He stated, “There is no such company situated here.” “They appear to have identified many EastPoint buildings as their address.” The buildings are all occupied by Google contractors.” Investors had given Gallagher images obtained from the BeOnWise website to see if they were authentic, but the structures pictured were not at EastPoint, according to Gallagher.

Cryptocurrency fraud has become a major concern for law enforcement agencies all around the world. Cold calling or social media advertising are common ways for scammers to recruit victims to their cryptocurrency trading platforms. They are tricked into opening a trading account and giving personal information in order for the fraudsters to steal the money they deposit. Most victims are unaware that they have been cheated until the website is shut down.

BeOnWise had transferred substantial sums of money from a cryptocurrency wallet it had used to receive payments, according to Frank van Weert, a founder member of Whale Alert, an Amsterdam-based crypto analytics firm. According to him, the transfers totaled €1.3 million. It would be possible to track down where the money was stashed, he noted, but he warned investors not to trust those posing as investigators: “This has turned into a form of scam in and of itself.”