French Police Arrest Mother and Son Over €1.5 Million Crypto Scam, Report Says

French police in the Var department have arrested a mother and son suspected of carrying out a €1.5 million cryptocurrency fraud, following a year-long investigation. According to ChainCatcher, Nice-Matin reported that the suspects used a “Rip Deal” scheme by falsely claiming they could help purchase a luxury home and luring a wealthy couple from Ramatuelle to Milan. Investigators said the suspects demanded a €1.5 million transaction “guarantee fee” to be paid in cryptocurrency. During the meeting, they allegedly used a hidden camera to capture the victims’ crypto account information and private keys, then transferred out all of the victims’ crypto assets. Police said the pair were arrested in Cavalaire, and authorities also seized a property worth €1.9 million under the suspects’ names. The report said both suspects have prior convictions for fraud. They are scheduled to stand trial on September 1 and face multiple criminal charges related to organized-group fraud.