Historically, rallies in cryptocurrency prices have often resulted in a rise in scams as market activity intensifies. However, the main driver behind this trend is the fear of missing out, which has led some victims to lose tens of thousands of dollars.
It is, therefore, imperative for investors to stay alert and exercise caution during periods of heightened excitement, analysts say.
Rising prices always attract new, inexperienced investors who look to capitalise on the momentum. The driving force is the fear of missing out, says Stanford Cardoz, anti-money laundering director at virtual assets trading platform BitOasis.
“Because of this, fraudsters exploit this environment and target individuals who lack sufficient knowledge about virtual assets."
MB, a Dubai-based crypto investor who prefers to stay anonymous, remembers being scammed in 2021. “A lot of new projects had come out and you could participate in a non-fungible tokens project through minting,” he says.
NFT minting is the process of creating non-fungible, or unique, tokens on a blockchain through smart contracts. “I saw one of these mints on Twitter [now called X], which looked legitimate. However, maybe these accounts paid to get verified on Twitter and bought fake followers. I decided to mint an NFT but ended up clicking a phishing link instead, which analysed all assets in my wallet and stole them. I lost almost $60,000."
Bitcoin surged to a record high above $108,000 on December 17 after president-elect Donald Trump suggested plans to create a US Bitcoin strategic reserve.
The value of cryptocurrencies stolen in 2024 has hit about $2.2 billion, with more than 60 per cent of that coming from North Korea-affiliated attacks, a study from blockchain data platform Chainalysis found last week.
That figure is a more than 21 per cent leap from last year and marks a fourth consecutive year of breaching the billion-dollar mark, the New York blockchain company said in a preview of its 2025 Crypto Crime Report.
From June 2011 to March 2024, almost $19 billion has been reported stolen globally, comprising more than $6 billion in security system breaches, slightly less than $5 billion in decentralised finance hacks, and almost $8 billion in fraud, according to a report by Crystal Intelligence, a blockchain analytics, compliance and risk-monitoring company.
The investor MB fell victim to another crypto scam at the beginning of this year. He wanted to participate in a crypto project called Ethena, which helps generate yields on money. But the scammer had created a website that looked identical to the real portal, except with the smart contracts changed.
“I failed to look at the website URL accurately. The scammer may have web developers who helped build the UI similar to the legitimate website. I lost $5,000 in the process,” he says.
“Now, I exercise more caution and use Pocket Universe, a browser extension that protects users from Web3 scams. When I visit a crypto-related Twitter page, I make sure the followers are legitimate. There are many scam Twitter pages out there.”
Referring to another sophisticated scam, he cites how people approach you to collaborate on projects. You get on a Zoom call after verifying them and they eventually send a link to update your Zoom or Discord account.
This turns out to be a scam link and by clicking it, you potentially give them access to scan your computer for information. Some people make the mistake of saving their crypto seed phrases on their laptop. The scanner delivers information to the fraudster, who is able to steal your wallet holdings as a result, MB explains.
“In another instance of attempted fraud in 2022, someone reached out to me on Discord wanting to write about me and requested access to my Discord community,” he recalls. "I was a novice back then and granted access.
“The person was able to become an administrator of my Discord community, which had about 6,000 people in it. He put a scam link in the channel promoting a new project. Unfortunately, a few members in my community ended up minting this project, which was a scam and they all lost money.”
Similarly, Fazlur Rehman, a 69-year-old Indian who ran a business in the UAE for six years, lost $90,000 in a crypto scam. "I'm scared to invest in crypto again after losing 90 per cent of my life savings," he says.
In 2023, a stranger approached him with a promising investment opportunity in a decentralised crypto exchange. He was added to a WhatsApp group, which allegedly comprised other investors on the platform who shared their "investment success stories" and "trading wins". Starting with small amounts, Mr Rehman gradually increased his investment.
When he later grew suspicious, he tried to withdraw all his money from the trading account, but the platform blocked him and asked to pay an additional $10,000 to reactivate his account. All his attempts to contact the exchange have been futile. When he tried to file a police complaint in India, it was unsuccessful and the officer questioned his decision to trade in cryptos.
Navin Gupta, chief executive of Crystal Intelligence, says it is a cat-and-mouse game trying to prevent digital crime on the technology side. Every day, scammers come up with new ideas and they are highly sophisticated individuals and organised groups, he says.
Mr Cardoz from BitOasis says scams, especially in Web3 and the crypto ecosystem, are agnostic of jurisdiction.
However, what probably differentiates this region from the rest of the world is fleshed out, granular regulatory frameworks which look at consumer protection. In jurisdictions that are not regulated, there's no recourse for customers who fall for these scams.
“The UAE is one of the very few jurisdictions that have introduced comprehensive regulatory frameworks specifically for virtual assets and the governance around it,” Mr Cardoz says. "Because of the guardrails, there’s an enhanced consumer protection framework around it."
“Our regulator, the Virtual Assets Regulatory Authority, makes sure that virtual asset service providers are responsible for communicating risks, especially for vulnerable clients like retail customers."
Most law enforcement departments in each emirate have their own virtual asset crime division. The Ministry of Interior also has a similar division, he adds.
Public-private partnerships are also crucial in the crypto world, such as the bond between BitOasis and Crystal, and the partnership the two companies have signed individually with Dubai Police. This helps pass on information to law enforcement quickly.
However, despite law enforcement and crypto companies placing safeguards and requirements to minimise damage, investors must stay alert as the industry is still difficult to regulate.
Smarter scams
Similarly to how fraud in the fiat world has developed, crypto fraudsters have evolved on the blockchain, according to the BitOasis executive.
“They now impersonate applications that are very similar to the real thing, especially in the DeFi world,” Mr Cardoz explains. "They combine social engineering and website takeover. Some of them have used deep fake technology to take over accounts.”
"The most common forms of crypto scams are impersonation, investment scams and romance scams, which could be like pig butchering, where fraudsters take you into confidence over months and eventually take your money and run. The lure of quick profits often clouds judgment, and this typically makes investors forget critical due diligence."
Mr Gupta warns people to make sure that crypto is not being used to launder money or move funds in and out of the banking system, he says.
Customers in the crypto field should exercise the same due diligence that they would apply in the fiat world, too.
If you're new to this world, do your research and sign up only to licensed and regulated VASPs, Mr Cardoz recommends. Once you sign up, secure your account by using multifactor authentication, don't share your private keys and avoid unsolicited offers.
If a crypto customer is scammed, they must first inform their existing digital asset provider. If they are not working with one, they can go directly to Dubai Police, who have smart police stations where they can file a complaint, Mr Gupta explains.
HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
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It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
FIGHT%20CARD
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Background: Chemical Weapons
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
MORE FROM CON COUGHLIN
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000 social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
UAE currency: the story behind the money in your pockets
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
RESULTS
6.30pm Al Maktoum Challenge Round-2 – Group 1 (PA) $49,000 (Dirt) 1,900m
Winner RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm Al Bastakiya Trial – Conditions (TB) $50,000 (D) 1,900m
Winner El Patriota, Vagner Leal, Antonio Cintra
7.40pm Zabeel Turf – Listed (TB) $88,000 (Turf) 2,000m
Winner Ya Hayati, Mickael Barzalona, Charlie Appleby
8.15pm Cape Verdi – Group 2 (TB) $163,000 (T) 1,600m
Winner Althiqa, James Doyle, Charlie Appleby
8.50pm UAE 1000 Guineas – Listed (TB) $125,000 (D) 1,600m
Winner Soft Whisper, Frankie Dettori, Saeed bin Suroor
9.25pm Handicap (TB) $68,000 (T) 1,600m
Winner Bedouin’s Story, Frankie Dettori, Saeed bin Suroor
Killing of Qassem Suleimani
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Company Profile
Company name: Big Farm Brothers
Started: September 2020
Founders: Vishal Mahajan and Navneet Kaur
Based: Dubai Investment Park 1
Industry: food and agriculture
Initial investment: $205,000
Current staff: eight to 10
Future plan: to expand to other GCC markets
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
Most%20ODI%20hundreds
%3Cp%3E49%20-%20Sachin%20Tendulkar%2C%20India%0D%3Cbr%3E47%20-%20Virat%20Kohli%2C%20India%0D%3Cbr%3E31%20-%20Rohit%20Sharma%2C%20India%0D%3Cbr%3E30%20-%20Ricky%20Ponting%2C%20Australia%2FICC%0D%3Cbr%3E28%20-%20Sanath%20Jayasuriya%2C%20Sri%20Lanka%2FAsia%0D%3Cbr%3E27%20-%20Hashim%20Amla%2C%20South%20Africa%0D%3Cbr%3E25%20-%20AB%20de%20Villiers%2C%20South%20Africa%2FAfrica%0D%3Cbr%3E25%20-%20Chris%20Gayle%2C%20West%20Indies%2FICC%0D%3Cbr%3E25%20-%20Kumar%20Sangakkara%2C%20Sri%20Lanka%2FICC%2FAsia%0D%3Cbr%3E22%20-%20Sourav%20Ganguly%2C%20India%2FAsia%0D%3Cbr%3E22%20-%20Tillakaratne%20Dilshan%2C%20Sri%20Lanka%0D%3C%2Fp%3E%0A
SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
